People are right now, they're getting enhanced unemployment insurance. Perhaps many have gotten support checks as part of the CARES Act. But over time, they don't have a secure income. And to the extent they lose those benefits they're getting, then they are going to come under financial pressure right away.
Fed Chairman Powell warns about the risks of cutting unemployment benefits during the crisis.
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The outlook for employment and inflation does not appear to have changed much since our September meeting
If we move too slowly, there may be unnecessary losses, painful losses in the employment market.
If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.
The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.
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