Powell speech: Unemployment likely to peak over next month or so

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks on the current state of the US economy at an event organized by the Peterson Institue for International Economics. 

Key quotes

"Fed learned something fundamental in great period where low unemployment and low inflation coexisted."

"Particularly painful to see gains for the less advantaged disappear."

"Unemployment likely to peak over the next month or so, may start to decline sharply but likely to take some time for the US economy to get back to where it was."

"Economy should recover once the coronavirus outbreak is under control."

"US economy can get back to very low unemployment and low inflation, but it will take time."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.