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- U.S. economy faces long, uncertain recovery - Fed’s Powell
U.S. economy faces long, uncertain recovery - Fed’s Powell
Bloomberg reports that Fed Chair Jerome Powell said the U.S. economy is improving but has a long way to go before fully recovering from the coronavirus pandemic.
“Many economic indicators show marked improvement,” Powell said Monday in the text of testimony.
“Both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain,” he said.
In his testimony, Powell repeated earlier remarks that more is required from both fiscal and monetary policy to prevent the pandemic from causing long-term damage to the economy.
“The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government,” he said.
Powell appeared to anticipate questions about the Fed’s troubled Main Street Lending Program, a $600 billion facility aimed at providing credit to small- and mid-sized companies. He said Fed officials had responded to feedback by making adjustments to the program.
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