Fed’s Powell Says Pandemic Is Molding ‘Extraordinary Generation’

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Fed’s Powell Says Pandemic Is Molding ‘Extraordinary Generation’
Credit: © Reuters.

(Bloomberg) -- Federal Reserve Chair Jerome Powell predicted U.S. students who have been forced to cope with the Covid-19 pandemic will become an “extraordinary generation” that will mature faster and have a bigger impact on society.

“This is an extraordinary time, and I believe that it will result in an extraordinary generation,” Powell said in prepared remarks for a town hall Tuesday with educators and students. “You will see the world differently than your predecessors. You have been forced, sooner than most people, to consider what in life is truly important.”

Powell didn’t address the outlook for the U.S. economy or monetary policy in his remarks. He will have another opportunity next week, when policy makers will meet Aug. 26-28 at Jackson Hole, Wyoming, for the central bank’s most prominent annual conference.

“This is a historical inflection point, and this generation of students is in a position to turn its lessons into profound tools of change,” Powell said.

The Fed chair offered high praise to American teachers, who have had to restructure their teaching methods during Covid-19. “It is the highest call within the higher calling of public service.”

©2021 Bloomberg L.P.

© Bloomberg. Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, July 15, 2021. Powell said yesterday the U.S. economic recovery still hasn't progressed enough to begin scaling back the central bank's massive monthly asset purchases.

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