Progress in the recovery of the labor market is still insufficient for the US Federal Reserve to consider it possible to reduce the volume of assistance to the economy, according to the head of the regulator, Powell.

In this regard, the US “still has a long way to go,” he said. The country still has 7.5 million fewer jobs than before the pandemic, with low-income workers and ethnic and other minorities facing the biggest challenges, Powell stressed.

The current inflation should decrease in the coming months, the head of the Fed said. Generally, Powell’s remarks correspond to the already well-known position of the regulator, where they indicated that a quick economic recovery should ensure the return of citizens to work, and inflation will remain at the target level, and therefore, there is no reason to tighten monetary policy.