‘Patiently accommodative’ because of bleak jobs picture

Federal Reserve Chairman Jerome Powell on Wednesday painted a dour picture on the state of U.S. employment, saying continued aggressive policy support is needed to fix the myriad issues still facing workers.

Addressing the issue will require a “patiently accommodative monetary policy that embraces the lessons of the past” regarding the benefits that low interest rates bring to the labor market, the central bank chief told the Economic Club of New York.

Even though the economy has reclaimed more than 12 million jobs since the early days of the Covid pandemic, Powell said the U.S. is “a long way” from where it needs to be in terms of employment.

“Fully realizing the benefits of a strong labor…