Jerome Powell

FILE - In this March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference, to discuss an announcement from the Federal Open Market Committee, in Washington. Powell said Tuesday, Nov. 17, 2020, that the nationwide surge in confirmed coronavirus could slow the economy in the months ahead by discouraging consumers from spending. (AP Photo/Jacquelyn Martin, File)

Federal Reserve Chair: No interest rate hikes until inflation spike

Federal Reserve chairman Jerome Powell said ultra loose monetary policies will remain in place in the coming year. While speaking at the the Economic Club of New York on Wednesday, he noted the actual U.S. jobless rate stands at around 10 percent compared to an official reading of 6.3 percent.