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Powell Sees Recovery Ahead of Schedule, Bank Dividends to be Restored In June

Federal Reserve Chairman Jay Powell has begun the slow process of changing communication from the very necessary ‘man your battle-stations’ mentality to one more aligned with what is looking like will be a very robust post-pandemic recovery. He acknowledged that the economy is recovering more quickly than the Federal Reserve initially expected largely because of the impressive pace of vaccinations and the massive amounts of fiscal stimulus.

He also acknowledged that the strength will eventually create a situation where the Fed can pare back the extensive and unprecedented support it has given to the economy. In a live interview with NPR’s morning edition Powell stressed that only after substantial further progress will he be willing to begin tapering asset purchases. The lessons of 2018 are still fresh on his mind, so investors should not read this as an impending end to liquidity. It decidedly is not.

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