Fed’s Powell says US economy in a ‘good place’

WASHINGTON – Federal Reserve Chairman Jerome Powell says the economy is in a “good place” with low inflation and maximum employment. But he says not every American has enjoyed the benefits of the long expansion.

In remarks Thursday to the Citizens Budget Council in New York City, he said policymakers must do more to address problems that are holding back long-term growth.

Powell repeated the view he gave Congress this week that the Fed can afford to be “patient” in deciding when to boost interest rates again. He says that gives the central bank time to assess how “cross currents,” such as a global slowdown, will impact the economy.

He said that policymakers need to boost efforts to address long-term problems, such as low workforce participation and weak productivity growth.