Powell says the economic recovery can be ‘robust’ after the coronavirus is contained
Federal Reserve Chairman Jerome Powell said Thursday that the economic rebound following the coronavirus-induced shutdown “can be robust” despite the sharp downturn.
In the meantime, he said the central bank is committed to doing whatever it can to support the flow of cash to businesses and households both through a plethora of financing programs and by keeping interest rates anchored near zero.
Powell spoke during a webinar for the Brookings Institution the same morning that the Fed announced a new $2.3 trillion financing initiative directed at small and larger businesses as well as households and state and local governments.
“At the Fed, we are doing all we can to help shepherd the economy through this difficult time,” he said in prepared remarks. “When the spread of the virus is under control, businesses will reopen, and people will come back to work. There is every reason to believe …continued .
[Source: CNBC News]