Powell pledges to return to a strong labor market

Federal Reserve Chairman Jerome Powell has reiterated his pledge to do everything in his power to return the US labor market to its previous strength before the coronavirus pandemic, especially in relation to the impact of the epidemic on minorities in the country.

"The Federal Reserve remains focused on its goals and on laying the groundwork for a return to the robust job market that we saw at the time of our 2019 talks with the Federal Reserve," Powell said in a report released today.

The Federal Reserve raised similar concerns in its monetary policy, telling Congress that employment is now nearly 35% lower for workers with lower wages than before the crisis, compared to only 5% to 15% for workers with higher wages.