Powell warns of a possible sustained recession from pandemic
Source: AP
By CHRISTOPHER RUGABER
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Wednesday of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage.
The Fed and Congress have taken far-reaching steps to try to counter what is likely to be a severe downturn resulting from the widespread shutdown of the U.S. economy. But Powell cautioned that widespread bankruptcies among small businesses and extended unemployment for many people remain a serious risk.
“We ought to do what we can to avoid these outcomes,” Powell said.
Additional rescue aid from government spending or tax policies, though costly, would be “worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery,” he said.
FILE - In this March 3, 2020 file photo, Federal Reserve Chair Jerome Powell pauses during a news conference in Washington. Powell provided a bleak outlook for the U.S. economy in remarks Wednesday, May 13, and urged Congress and the White House to act further to offset the damage from the viral outbreak. (AP Photo/Jacquelyn Martin, File)
Read more: https://apnews.com/5d02177563bdb72236966a13299c0b67
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The gamblers are losing their asses right now.
Anyone that is saying anything else is a damned liar!
