Economics
Jerome Powell Sees Long Road Ahead for Jobs Market
- Fed holds rates near zero and officials see a prolonged pause
- Fed chief bemoans loss of jobs by women, blacks and Latinos
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President Donald Trump says the U.S. economy will be back and better than ever next year. Federal Reserve Chairman Jerome Powell begs to differ.
In an almost hour-long virtual press conference Wednesday after the Fed left interest rates pinned near zero, Powell repeatedly played down the surprise, welcome news of a pick-up in jobs growth in May that Trump hailed last week as the “greatest comeback in American history.”