Federal Reserve Chair Jerome Powell cautioned on Wednesday that the US economic recovery from the fallout of the coronavirus would likely be slow and require more fiscal stimulus.
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Jerome Powell |
He continued: "Additional fiscal support could be costly but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery."
Powell's remarks came two months into the worst economic downturn since the Great Depression. In April, the US economy lost a record 20.5 million jobs and saw the unemployment rate spike to 14.7%.
Long stretches of unemployment can leave families in greater debt, Powell said. And losing thousands of small and medium-sized businesses "would destroy the life's work and family legacy of many business and community leaders and limit the strength of the recovery when it comes," he said.
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