Powell Thanks Yellen, Looks to Work Close With Brainard

The speaker pledges to fulfill responsibilities at the Federal Reserve, acknowledging family and colleagues. They highlight past leadership, economic challenges from COVID-19, and the recovery process. Current economic conditions, including inflation, are discussed, along with future priorities like financial stability and climate risks. Collaboration with colleagues is emphasized.

Who is the speaker grateful to for their support and contributions?

• The American people

• The President

• His family and the Federal Reserve team

• The Senate

What was the state of the economy before the COVID-19 pandemic?

• Declining

• Stagnant

• In a historic economic expansion

• In a recession

What helped cushion the economic impact of the pandemic?

• American resilience and policy actions

• Increased taxes

• International aid

• Reduced government spending

What are some of the challenges mentioned that the economy faces today?

• Supply-demand imbalances and inflation

• Deflation and unemployment

• Overproduction and low demand

• Trade deficits and currency devaluation

What are the Federal Reserve's key priorities in addressing current economic issues?

• Expanding international trade

• Increasing interest rates

• Guarding financial stability and addressing climate change risks

• Reducing government debt