Ben Bernanke assesses the Fed, Powell and inflation

On January 29, 2020, Jay Powell strode briskly to the podium to begin the first press conference of his third year as chair of the Federal Reserve. He flipped open a white binder, looked up briefly to welcome the assembled reporters, and then looked down to read his prepared statement. His demeanor was low-​key, almost somber. But his message was upbeat: The U.S.

In passing, he noted "uncertainties" affecting the economic outlook, "including those posed by the new coronavirus.". A follow-​up question on the virus, from Donna Borak of CNN, did not come until 21 minutes into the 54-​minute press conference. At that point, only a few cases had been reported outside China. The virus, Powell cautiously acknowledged, was "a very serious issue" that could cause "some disruption to activity in China and possibly globally.

Between the January 29 and March 3 press conferences, the virus had evolved from a localized problem to an incipient global crisis. Reported cases of the disease that would become known as COVID-​19 had risen from fewer than 10,000, almost all in China, to more than 90,000 worldwide. Italy had quarantined towns in its Lombardy region and Iran had reported a surge of infections. In the United States, the first virus death was reported on February 29—​a man in his 50s, near Seattle. U.S.

Meanwhile, virus fears triggered the worst week in U.S. financial markets since the 2007–​2009 financial crisis, signaling trouble ahead for the economy. The Dow Jones Industrial Average, which had hit a record high earlier in the month, plunged more than 12 percent during the week ending February 28. In March the turmoil spread to bond markets. Sellers of even ultrasafe U.S. Treasury securities had difficulty finding buyers, who showed little interest in holding anything other than cash.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Uncle Owen Only Calls Obi-Wan 'Ben' In New Kenobi Show ClipA new ObiWanKenobi clip shows Uncle Owen calling the Jedi 'Ben' only. Ben only, when did they change it back to kenobi
Source: screenrant - 🏆 7. / 94 Read more »

Ben Gorham: Inside an Iconoclast’s MindBen Gorham is an atypical beauty entrepreneur, having launched fragrance — the keystone of his blockbuster Byredo brand — only after a chance meeting with a perfumer.
Source: wwd - 🏆 24. / 68 Read more »

Is Hyperinflation Coming?Does the Fed or Central Bank have an inflation game plan? Yes, obviously, they will do what they always do, which is ramp up interest rates until something breaks. Yes. They want to start a recession. NO.
Source: Forbes - 🏆 394. / 53 Read more »

What if the Fed can't tame inflation?To badly misquote John Lennon: Everybody's talking about inflation, stagflation, capitulation, globalization, stagnation, this-ation, that-ation, -ation, -ation, -ation. All we are saying is please make it end. Meanwhile, the earth is ready to extinguish all of us for being so incredibly destructive. see my naked photos Thank you federalreserve for making the whole world to hell
Source: CNN - 🏆 4. / 95 Read more »

Canadian inflation rises to 6.8%: What you need to knowCanada\u0027s inflation rate accelerated to 6.8 per cent, the highest since January 1991, on food and shelter prices, Statistics Canada says
Source: TheStarPhoenix - 🏆 253. / 63 Read more »