- Economic activity has continued to recover
- Household spending on durable goods has been strong and moved above pre-pandemic level
- Business investment has picked up
- However, services spending has been slow
- Path to recovery remains highly uncertain
- Roughly half of the jobs losses have been erased
- Economic downturn has not fallen equally on all Americas
- Full recovery unlikely until people are confident of safety
- Concerns regarding recent rise of new COVID-19 cases
- Housing sector has fully recovered
- QE program was discussed at the meeting
- The Fed believes the asset purchase program supports the economy
- The Fed believes in achieving a dual mandate: jobs and inflation
- the need for further fiscal and monetary support (Powell again urges Congress to act)
- Fed can provide stability in the financial market (again urges support from fiscal policy)
- Fed does not take into account the slowdown in the QE program, which currently stands at $ 120 billion a month
Gold meanwhile continues to increase against the weak dollar. The Fed is "printing" and will be "printing" and urging Congress for more fiscal support. These are strong reasons for the continued appreciation of gold, as it was in 2008-2011, but this time on a much larger scale. Source: xStation5
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