Federal Reserve Chair Jerome Powell voiced a note of optimism for business leaders this weekend, saying he expects an economic boom to occur mid-year.
“I would say that the growth that we’re expecting in the second half of this year is going to be very strong,” Powell said in an interview with “60 Minutes” that aired on Sunday. The U.S. economy, he added, is at an “inflection point” as a result of widespread COVID-19 vaccinations and “strong fiscal and monetary policy support.”
“We feel like we’re at a place where the economy is about to start growing much more quickly and job creation coming in much more quickly, so the principal risk to our economy right now really is that the disease would spread again,” Powell told the media outlet.
Powell also said that forecasters on the Federal Open Market Committee are predicting growth in the range of 6% to 7% this year.
Powell’s optimism is in line with a majority of U.S. finance leaders. Last week, 87% of chief financial officers said they expect revenues to increase this year, according to a pulse survey of more than 700 U.S. executives released by PwC.
Still, senior living industry experts say that the sector may be a bit slower to recover than most other parts of the U.S. economy. A U.S. Senior Housing 2021 Outlook Report released in February by Green Street Real Estate Analytics noted that headwinds likely will persist through mid-year before the sector “finds its footing” and begins to recover.
