US Federal Reserve chair says economy at ‘inflection point’

The economy is about to ‘start growing more quickly’ even as COVID remains a risk, Powell says.

Federal Reserve Chair Jerome Powell said the U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, but Covid-19 remains a threat. “We feel like we’re at a place where the economy is about to start growing much more quickly and job creation coming in much more quickly,” Powell told CBS’s “60 Minutes” in an interview conducted Wednesday, according to a transcript of the interview that aired Sunday. “The outlook has brightened substantially. And that’s the base case. I would say again though, there really are risks out there,” he said. “The principal risk to our economy right now really is that the disease would spread again. It’s going to be smart if people could continue to socially distance and wear masks.”