The Fed noted that the recovery likely would depend on how Americans feel about their safety.
Fed Chairman Jerome Powell told "60 Minutes" that people shouldn't "bet against the American economy."
Federal Reserve Chair Jerome Powell arrives for a news conference following the Federal Open Market Committee meeting in Washington, December 11, 2019.The U.S. economy will claw its way back from the current downturn but may need a coronavirus vaccine before that is complete, Federal Reserve Chairman"In the long run and even in the medium run, you wouldn't want to bet against the American economy.
"Assuming there's not a second wave of the coronavirus, I think you'll see the economy recover steadily through the second half of the year," the central bank chief said. However, he added that "for the economy to fully recover ... that may have to await the arrival of a vaccine." "This is a time of great suffering and difficulty and it's come on so quickly and with such force that you really can't put into words the pain people are feeling and the uncertainty they are realizing," Powell said.
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