Global  

Powell says US economy facing heightened uncertainty

SeattlePI.com Monday, 29 June 2020 ()
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the outlook for the U.S. economy is “extraordinarily uncertain” and the success of the recovery effort will depend in large part on the country’s ability to contain the spread of the coronavirus.

“A full recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities,” Powell says in testimony he is scheduled to deliver Tuesday in an appearance with Treasury Secretary Steven Mnuchin before the House Financial Services Committee.

In the testimony released Monday by the Fed, Powell repeats a pledge that the central bank will keep interest rates at the current ultra-low level until it is sure that the economy has weathered the pandemic crisis.

His comments come as some parts of the country are experiencing a surge in coronavirus cases that have prompted governors to backtrack some of their steps to reopen their states’ economies.

Both Powell and Mnuchin were expected to face questions from lawmakers on topics including how much more support Congress will need to provide to bolster the economy.

That question has gained new urgency as the surge in cases in states including California, Texas and Florida have raised concerns about possible setbacks to efforts to rebound from the downturn that was brought on by measures to control the spread of the virus.
0
shares
ShareTweetSavePostSend
 

You Might Like


Related videos from verified sources

Fed Chair To Congress: Do These Three Things Now To Save The US Economy [Video]

Fed Chair To Congress: Do These Three Things Now To Save The US Economy

The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as..

Credit: Wochit     Duration: 00:39Published
Powell: U.S. entering second phase of economy reopening [Video]

Powell: U.S. entering second phase of economy reopening

Federal Reserve Chair Jerome Powell on Tuesday testified before the Senate Banking Committee and said that the U.S. economy appears to be entering the second phase of reopening assuming the virus..

Credit: Reuters Studio     Duration: 01:23Published
Federal Reserve Chair Says US Economy Recovery May  Begin By Summer [Video]

Federal Reserve Chair Says US Economy Recovery May Begin By Summer

Federal Reserve Chair Says US Economy Recovery May Begin By Summer If there is not another wave of COVID-19, Jerome Powell says America could start to return in this year's second half. Jerome..

Credit: Wibbitz Top Stories     Duration: 01:30Published

Related news from verified sources

Powell says US economy facing heightened uncertainty

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the outlook for the U.S. economy is “extraordinarily uncertain” and the success of the...
Seattle Times


Tweets about this