The best way the Federal Reserve can help reduce racial inequality is to return the U.S. labor market to its pre-coronavirus strength, U.S. Fed Chair Jerome Powell said on Tuesday, as he sidestepped questions over whether the Fed itself contributes to the problem.
FILE PHOTO: Federal Reserve Board Chairman Jerome Powell leaves after a Senate Banking Committee hearing on The Semiannual Monetary Policy Report to the Congress on Capitol Hill in Washington, U.S., February 12, 2020. REUTERS/Yuri Gripas
The unrest has sharpened the public focus on economic plight of black and Latino families, who on average continue to earn less, have higher unemployment, and are harder hit when economic shocks like the coronavirus hit. [L1N2DO1NW] In May, while white unemployment fell, black unemployment rose. But when Senator Sherrod Brown asked Powell for an open-ended study of how the Fed’s policies contribute to systemic racism, Powell said he would get back to him after conferring with his colleagues.
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