Fed’s Powell Says Sharp Economic Downturn Won’t Last : Coronavirus Live Updates : NPR
Coronavirus Live Updates : NPR
Federal Reserve Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the coronavirus pandemic. But he says this will not be another Great Depression.
"It's going to be a very sharp downturn," Powell said in an interview with 60 Minutes that aired Sunday. "It should be a much shorter downturn than you would associate with the 1930s."
Powell, who is set to testify before the Senate Banking Committee on Tuesday, reiterated his view that Congress may need to authorize additional relief spending to keep families and businesses afloat until the virus is under control.