(Bloomberg) -- Federal Reserve Chair Jerome Powell said the U.S. economy is at an “inflection point” with stronger growth and hiring ahead thanks to rising vaccinations and powerful policy support, but that Covid-19 remains a threat.“We feel like we’re at a place where the economy is about to start growing much more quickly and job creation coming in much more quickly,” Powell told CBS’s “60 Minutes” in an interview conducted Wednesday, according to a transcript of the interview that airs Sunday.“The outlook has brightened substantially. And that’s the base case. I would say again though, there really are risks out there.”“The principal risk to our economy right now really is that the disease would spread again. It’s going to be smart if people could continue to socially distance and wear masks,” Powell said.Fed officials have repeatedly stressed that the U.S. economy continues to need aggressive monetary policy support as it recovers from the pandemic, even as the outlook brightens amid widening vaccinations. That dovish view has helped power U.S. stocks to fresh record highs as investors shrug off inflation concerns amid powerful aid from Washington.“What we’re seeing now is really an economy that seems to be at an inflection point. And that’s because of widespread vaccination and strong fiscal support, strong monetary policy support,” Powell said.Minutes of the central bank’s March meeting released April 7 said policy makers expect it will likely be “some time until substantial further progress” was made on employment and inflation. That refers to the tests they’ve set for scaling back bond purchases of $120 billion a month.Their latest forecasts show officials don’t expect to raise interest rates from near zero before the end of 2023, even as they sharply upgraded projections for growth and employment this year.Powell was put on the Fed board by President Barack Obama, a Democrat, and elevated to the central bank’s helm by his successor Donald Trump, a Republican. His four-year term as chair expires in February and he’s given no indication that he wouldn’t serve a second stint if asked by Democratic President Joe Biden.Powell, 68, has repeatedly deflected questions over whether he’d like to stay in the job.Biden, whose team could start considering the choice of Fed chair in the coming months, said last week that he’d not spoken with Powell since becoming president out of respect for the Fed’s independence.Trump repeatedly applied public pressure on Powell and the Fed via Twitter and in speeches, drawing rebukes from around the world for interfering with the world’s most powerful monetary authority.(Updates with additional Powell quote in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.