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Watch live: Fed Chair talks about US economic recovery.



The current economic downturn is the most severe of our lifetime. It will take a while to return to the levels of economic activity and employment that prevailed at the beginning of the year. And it will require continued support from both monetary and fiscal policy to achieve it. As we have emphasized throughout the pandemic, the way forward for the economy is extra uncertain, and will largely depend on our success in keeping the virus in check. In fact, we have seen some signs in recent weeks that the increase in virus cases and the renewed measures to control it are beginning to weigh on economic activity. A full recovery is unlikely before people are sure that it is safe to participate in a wide range of activities. The way forward will also depend on policy measures taken at all levels of government to provide relief, and to support recovery for as long as necessary. The Federal Reserve's response to this crisis has been guided by our mandate to promote maximum employment and stable prices for the American people, along with our responsibility to promote the stability of the financial system. We are committed to using our complete range of tools to support the economy in this challenging time. We have kept the key policy rate close to zero since mid-March, and have stated that we will keep it there until we are sure that the economy has weathered recent events, and are on track to reach our maximum employment and price stability targets. [1

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