Powell quotes JK Galbraith: Economic forecasting exists to make astrology look respectable

"In the best of times, predicting the path of the economy with any certainty is difficult," Jerome Powell, Chairman of the Federal Reserve System, said while delivering his opening remarks at the "Fed Listens" event.

"John Kenneth Galbraith famously said that economic forecasting exists to make astrology look respectable," Powell added. "We are now experiencing a whole new level of uncertainty, as questions only the virus can answer complicate the outlook."

Additional takeaways

"We are in the midst of an economic downturn without modern precedent."

"It has already erased the job gains of the past decade and has inflicted acute pain across the country."

"While the burden is widespread, it is not evenly spread. Those taking the brunt of the fallout are those least able to bear it."

Market reaction

The US Dollar Index largely ignored these comments and was last seen gaining 0.23% on the day at 99.40.