"There can be a good rebound on the other side of this," said Federal Reserve Chairman Jerome Powell.
The coronavirus pandemic is putting unprecedented strain on the U.S. economy, Federal Reserve Chairman Jerome Powell said Thursday in an exclusive interview with Savannah Guthrie on the"TODAY" show, noting,"There can be a good rebound on the other side of this."
“This is a unique situation,” Powell said, when asked if the economy could withstand a monthlong shutdown. “I think people need to understand this is not a typical downturn. People are being asked to close their business, to stay home from work, and to not engage in certain economic activity, and so they are pulling back. At a certain point, we will get the virus under control and confidence will return.
The Fed said such extreme action was warranted because"the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States." Story continuesPowell's comments come the morning after the Senate overwhelmingly passed a massive $2 trillion rescue package, the government's own response to the harsh economic blow from the coronavirus pandemic.
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