Fed Chairman Jerome Powell says the US may ‘well be in a recession’ due to the coronavirus pandemic
- Federal Reserve Chairman Jerome Powell gave a rare exclusive interview with the “TODAY” show Thursday.
- He discussed the unprecedented impact of the coronavirus pandemic on the US economy.
- “We may well be in a recession,” Powell said. “But I would point to the difference between this and a normal recession,” he added.
- Read more on Business Insider.
In a rare live interview Thursday, Federal Reserve Chairman Jerome Powell said that the coronavirus pandemic may have already tipped the US economy into a recession.
“We may well be in a recession,” Powell told Savannah Guthrie on the “TODAY” show Thursday morning. “But I would point to the difference between this and a normal recession,” he added.
The difference between the two lies in the workings of the US economy, according to Powell.
“There is not anything fundamentally wrong with our economy,” he said. “Quite the contrary. We are starting from a very strong position.”
Still, the coronavirus pandemic has presented a unique situation, Powell said.
“I think people need to understand this is not a typical downturn,” he said. “People are …continued .
[Source: Business Insider]