WASHINGTON (REUTERS) - 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 (June 16), as he began the first of two days of hearings before US lawmakers.. Read more at straitstimes.com.
WASHINGTON - 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.
Powell's prepared remarks to the Senate Banking Committee largely echoed the cautionary tone he struck last week at the conclusion of the Fed's latest two-day policy meeting, mapping out how the United States faces an uncertain, uneven and prolonged economic recovery from the health crisis. Millions of people have become unemployed as a result of the epidemic, which has killed more than 116,000 people in the United States, with minority communities among those hardest hit on both fronts. Powell was repeatedly asked how the Fed could mitigate the impacts of such racial inequality.
Federal Reserve Chair Jerome Powell testifies before Congress He repeated that the Fed will use its full range of tools to help the economy recover and renewed calls for lawmakers to provide more fiscal support, which he called a"critical difference" in limiting long-lasting damage. He frequently reminded lawmakers that the Fed could lend but not spend, unlike Congress.
Congress has so far allocated nearly $3 trillion in financial relief, including direct payments to households and a forgivable loan scheme for small businesses, while the Fed has implemented numerous programs to pump trillions of dollars of credit into the economy.
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