Fed Chair Says Economic Recovery May Stretch Through End of 2021
Jerome H. Powell, the Federal Reserve chair, said that the United States would have a slow recovery from what he called the “biggest shock that the economy’s had in living memory,” suggesting that a full rebound from virus-induced lockdowns could take until the end of 2021.
In an interview on “60 Minutes,” the CBS program, Mr. Powell reiterated that both Congress and the central bank may need to do more to help workers and businesses make it through the sudden and sharp slump caused by efforts to contain the coronavirus.
“This economy will recover; it may take a while,” Mr. Powell said. “It may take a period of time, it could stretch through the end of next year, we really don’t know.”
[Source: New York Times]