“This economy will recover; it may take a while,” Powell said. Powell has begun warning that lawmakers and the White House may need to do more to support households and businesses if the virus persists. Asked whether the economy could heal without an effective vaccine, Powell suggested that activity could restart before a treatment became available without making a complete rebound. “Assuming that there’s not a second wave of the coronavirus, I think you’ll see the economy recover steadily through the second half of this year,” he said. The Fed chairman suggested that the worst economic readings were yet to come, even as states begin to gradually reopen.

Source: bd News24 May 17, 2020 23:48 UTC