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After losing more than 30 million jobs as a result of the closure of commercial activities in the country, the director of the US central bank warned that the situation may take time to return to normal.
In an interview with CBS “60 Minutes”, “Powell said,” I think we’ll see the economy recover steadily during the second half of this year. “
And she realizes that “his return will take time,” adding that “it could extend until the end of next year. Actually, we do not know.”
When asked about the need for a vaccine to treat the disease and stem the spread of the emerging coronavirus, the official stressed the importance of consumers ’role in the economy..
“For the economy to fully recover, people must be completely confident and this may require waiting for a vaccine to be found,” he said.
Even before the imposition of the economic closure, the US Federal Reserve intervened to lower the benchmark interest rate and pump trillions of dollars into the financial system and lending programs to support businesses of all sizes, state and local governments.
But Powell continues to reiterate that the economy may require greater government spending to support workers and businesses in order to recover, exceeding the three trillions approved by Congress.
In his speech to CBS, he added that the crisis “has emerged quickly and strongly to the point of being unable to describe the pain people feel and the uncertainty they are experiencing.”
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After losing more than 30 million jobs as a result of the closure of commercial activities in the country, the director of the US central bank warned that the situation may take time to return to normal.
In an interview with CBS “60 Minutes”, “Powell said,” I think we’ll see the economy recover steadily during the second half of this year. “
And she realizes that “his return will take time,” adding that “it could extend until the end of next year. Actually, we do not know.”
When asked about the need for a vaccine to treat the disease and stem the spread of the emerging coronavirus, the official stressed the importance of consumers ’role in the economy..
“For the economy to fully recover, people must be completely confident and this may require waiting for a vaccine to be found,” he said.
Even before the imposition of the economic closure, the US Federal Reserve intervened to lower the benchmark interest rate and pump trillions of dollars into the financial system and lending programs to support businesses of all sizes, state and local governments.
But Powell continues to reiterate that the economy may require greater government spending to support workers and businesses in order to recover, exceeding the three trillions approved by Congress.
In his speech to CBS, he added that the crisis “has emerged quickly and strongly to the point of being unable to describe the pain people feel and the uncertainty they are experiencing.”
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