Fed Chair Jerome Powell says the economy may 'need more support' for a robust recovery to be possible
"It may well be the case that the economy will need more support from all of us if the recovery is to be a robust one," Fed Chair Jerome Powell said.
"We will continue to use our tools to ensure that the recovery, when it comes, will be as robust as possible." Gross domestic product declined at a 4.8% annualized rate in the first quarter, ending the longest expansion in U.S. history, the Commerce Department reported earlier on Wednesday. "The more significant comment is that the FOMC is concerned about the downside risk to the economic outlook over the medium term, suggesting they will remain extraordinarily accommodative in policy for several years to come," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia.
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