Chair Jerome Powell wants to spend now to avoid long-term economic damage, as Dr Fauci warns of new restrictions if coronavirus spikes again
US Federal Reserve chair Jerome Powell. Picture: CHINA NEWS SERVICE/VCG VIA GETTY IMAGES/SHA HANTING
The US response to date “has been particularly swift and forceful”, Powell said in a webcast. “But the recovery may take some time to gather momentum,” and be dictated by progress fighting the coronavirus pandemic. The US House of Representatives and Senate are deliberating further responses to the crisis. White House officials have said they want to assess how an initial round of economic reopenings by states go before deciding what to do.
“The next six to eight weeks will be fundamental” in determining whether consumers and workers feel safe enough to return to the marketplace, and if they are able to do so free of disease, Richmond Fed president Thomas Barkin said in a webcast on Tuesday. “We are at the brink of ... some re-emergence of the economy. It is a question of how we get the pace up” of the recovery while keeping the health risks under control.
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