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A screenshot of Federal Reserve Chair Jerome Powell on "60 Minutes." Photo: CBS

Federal Reserve Chair Jerome Powell told CBS' "60 Minutes" in an interview broadcast Sunday that the U.S. economy is at an "inflection point," with growth and job creation forecasts looking strong.

Of note: In his interview with CBS' Scott Pelley, Powell said it's "highly unlikely" the Fed would raise interest rates this year.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Driving the news: "What we're seeing now is really an economy that seems to be much at an inflection point, and that's because of widespread vaccination and strong fiscal support, strong monetary policy support," Powell said in the interview.

  • "We feel like we're at a place where the economy's about to start growing much more quickly and job creation coming in much more quickly."

Yes, but: Powell's forecast is based on there not being another wave of COVID-19.

  • "I would identify the principal risk to our economy right now really is that the disease would spread again more quickly," Powell said.
  • "We do see cases. They're at a much lower level. But we see them moving up now. And that's troubling. It's going to be smart if people can continue to socially distance and wear masks."

Threat level: Powell told Pelley the risk that the Fed was watching out for the most now was the threat of a cyber breach. Officials were bracing for a range of scenarios — from payment utility breakdowns concerning individuals and large financial institutions to the financial system being brought to a halt. 

  • "There are cyber attacks every day on all major institutions now," Powell noted.
  • "And the government is working hard on that. So are all the private sector companies. There's a lot of effort going in to deal with those threats. That's a big part of the threat picture in today's world."

For the record: President Biden took office a month after it was revealed that suspected Russian hackers launched a massive cyberattack on multiple government agencies and U.S. companies. 

  • The Biden administration is working on an executive order to bolster federal cybersecurity following the hacking of SolarWinds and the Microsoft Exchange Server — which was targeted by a cyber espionage unit backed by the Chinese government, it emerged earlier this month.
  • Homeland Security Secretary Alejandro Mayorkas outlined earlier this month a plan to counter online attacks and said the Biden administration is committed to a newly created Senate-confirmed national cyber director role for success, but the position has yet to be filled.

Go deeper

Google offices to mandate vaccines

Photo: Brooks Kraft LLC/Corbis via Getty Images

Google announced Wednesday it would require all in-office workers and visitors to be vaccinated and that employees could continue working from home through Oct. 18.

Why it matters: It's another sign that the Delta variant's spread is upending corporate plans for a quick and steady resumption of in-office work.

53 mins ago - World

Israeli and Palestinian officials are speaking again

Isaac Herzog (L), then the leader of the opposition, meets with Mahmoud Abbas in 2015. Photo: Abbas MomaniI/AFP via Getty

Relations between the new Israeli government and the Palestinian Authority have shifted substantially in recent weeks, with Israeli officials going so far as to call it “a renaissance."

Why it matters: During Benjamin Netanyahu's 12-year tenure as prime minister, relations deteriorated to the point where there was almost no contact other than security coordination.

Bipartisan group reaches agreement on $1.2 trillion "hard" infrastructure bill

Sens. Mitt Romney (R-Utah) and Mark Warner (D-Va.) Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images.

After weeks of long nights and endless Zoom calls, a bipartisan group of senators finally reached a deal on "the major issues" in their $1.2 trillion "hard" infrastructure package, GOP senators involved in the talks announced Wednesday.

Why it matters: It could be days before the group finishes writing the bill, but the Senate can begin debating the legislation in earnest now that they have resolved the outstanding issues. The bill needs 60 votes to advance in the Senate.