WASHINGTON, DC: A full US economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought ...
WASHINGTON, DC: A full US economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chair Jerome Powell said on Tuesday , as he began the first of two days of hearings before US lawmakers.
The Fed kept interest rates unchanged near zero and made clear it plans years of extraordinary stimulus as the nation grapples with steps toward fully reopening its economy amid state and local surges in cases, and with no vaccine in sight. On Monday, the Fed launched its long-awaited Main Street lending programme, which will offer up to US$600 billion in loans to US businesses with up to 15,000 employees or with revenues up to US$5 billion.But as Powell reiterated on Tuesday, there will be no quick fix to healing the economy and he repeated that the Fed will use its full range of tools to help it recover.
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