Federal Reserve Chairman

Jerome Powell

said the U.S. economy appears to be at an inflection point, with output and job growth poised to accelerate in the months ahead as long as the Covid-19 pandemic retreats.

“We feel like we’re at a place where the economy’s about to start growing much more quickly and job creation coming much more quickly,” Mr. Powell said in an interview to be broadcast Sunday evening on CBS’s “60 Minutes.” He said the Fed’s forecast is that the economy could produce close to one million jobs a month for “a string of months.”

The central-bank chief urged Americans to continue socially distancing and wearing masks, saying a resurgence of Covid-19 remains the primary risk to the economic outlook.

The U.S. seven-day average of newly reported Covid-19 cases has been climbing in recent weeks after a steady,…

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