Name: How to read between the lines of Fed Jay Powell's speeches | FT
Uploaded: 2020-03-20T07:22:09.000Z
Duration: 2 min 59 s
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talked to the Greater Providence Chamber of Commerce

Earlier this year, he would say things were...

But in Providence, he said things were...

are now, only now, reaching many communities.

And there's plenty of room to build on the impressive gains

That means things could be even better, and also, by the way,

For example, more than a decade of steady advances

has pushed the jobless rate near a 50-year low, where it has

The Fed has a mandate for full employment.

It could stop there, job done, nice work, but...

that is their savings, home equity, and other assets,

And the wealth of people with lower incomes, while growing,

So the Fed has shifted its focus slightly.

The last several years have been great for getting people

If you're 55 and you still feel prime, I apologise,

that is just how the Labour Department defines it.

Anyway, this doesn't show up in the top line unemployment rate,

More people working creates more economic growth.

For several decades, up until the mid-1990s,

the share of prime age people in the Labour force rose

as an influx of women more than offset some decline in male

In the mid-1990s, however, prime age participation

Fortunately, in the strong job market since 2014,

prime age participation has been staging a comeback.

But prime age participation could be still higher.

And right here, Jay Powell shows a little bit of what,

by the unique standards of Fed communications,

The research literature suggests a variety of policies,

that could spur further progress by better preparing people

to meet the challenges of technological innovation

and global competition, and by supporting and rewarding Labour

Of course, the task of evaluating the costs

We are working, but we're on our own out here.

You can increase Labour force participation by paying

for training, by making it easier to go to school,

by helping out with childcare or public transportation,

but these things cost money and the Fed doesn't spend money

So he didn't say it outright, but the message

from Jay Powell in Providence is that, perhaps, Congress,

you should consider showing up and helping out.