US Federal Reserve Chair Jerome Powell late on Wednesday promised to alter massive US job losses that have disproportionately impacted minorities due to ever-worsening racial inequality.

Following the Fed’s latest meeting, Powell said that the most the bank could do would be to employ its tools to fight black unemployment and other economic inequities.

“We can use our tools to support the labor market and support the economy. We can use them until we do fully recover,” he said in a news conference.

Yesterday, the Fed said it had no plans to raise interest rates through 2022 as the global economy continues to find itself in the midst of  economic onslaught by the novel coronavirus pandemic.

Referring to recent anti-racism protests following the death of unarmed black man George Floyd while in police custody, he said: “I want to acknowledge the tragic events that have again put a spotlight on the pain of racial injustice in this country.”

Commenting on job losses amid the pandemic, Powell said this was unfortunate as the US had effectively the first tight labor market in a quarter-century.

He also underlined that the downturn had not fallen equally on all Americans and added that policymakers were aware of this.

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