“In the best case, the prediction of the trajectory of the economy with certainty is difficult,” Jerome Powell, the Chairman of the Federal Reserve, said, while delivering his opening remarks at the Federal reserve Listening to the event.
“You know, John Kenneth Galbraith has said that economic forecasting exists to make astrology look respectable,” Powell added. “We are now facing a whole new level of uncertainty, as the program only when the virus may respond to further complicate the outlook.”
“We are in the midst of an economic recession in modern unprecedented.”
“It has already erased job gains of the last decade, and inflicted a sharp pain across the country.”
“While the college is very common, it is not evenly spread. Those who make the biggest impact, are those who are least able to bear it.”
The reaction of the Market
The U.S. Dollar Index, largely ignored these comments and was seen for the last time, gaining 0.23% on the day at 99.40.