Federal Reserve Chair Jerome Powell on Sunday warned that the nation's unemployment rate could soar to 25 percent during the worst of the coronavirus crisis, though he said the economy should recover more quickly than during the Great Depression, when joblessness last reached those levels.on CBS’ “60 Minutes” after reporter Scott Pelley asked whether unemployment could reach 20 percent or even 25 percent.
The Fed chief expressed hope that the economy would come out of recession in the second half of the year, but cautioned that a second outbreak of the coronavirus could derail that path. “This economy will recover,” he said. “We'll get through this. It may take a while. ... It could stretch through the end of next year. We really don't know.”
The central bank has taken extraordinary measures to rescue the economy since the pandemic began sweeping through the country — slashing interest rates to zero, rolling out trillions of dollars in lending programs for financial markets, and taking the unprecedented step of bailing out state and city governments.
"There's really no limit to what we can do with these lending programs," Powell said. "There's a lot more we can do to support the economy, and we're committed to doing everything we can as long as we need to."
Source: Financial Digest (financialdigest.net)
Depression? Why? Do what FDR did & skip it.
The Fed Chief is being pressed by this corrupt administration to give rosy and false estimates about the economy.
Okay, Powell... This is kinda like saying since gyms & restaurants have reopened, Covid is gone... 🙄
But also called.for additional major stimulusnlike $3 trillion House bill that passed bu GOP Senate/Trump dont want to help
Hope is about as definite as he can get. lol
Quick! Donald, fire him... quick
SethAbramson We will need more relief checks. People without money can't be customers. Stores without customers can't exist.
1.reporter Scott Pelley asked whether unemployment could reach 20 percent or even 25 percent. 2. one in five American workers lost their jobs in March. Both these statements appear in this article. Did anyone check the Math?
it would have reached 25% anyway, but thats just how Republicans govern.
SethAbramson When even will the worst of the pandemic be? Wave 1.2/July? Wave 2.0/October? Wave 3.0/January?
SethAbramson I thought he said 30%.
SethAbramson .senatemajldr
SethAbramson Surprised? Fix pandemic, fix economy...
SethAbramson Clear-eyed
SethAbramson I thought it was all over?
SethAbramson As long as he can sling trillions more dollars at his investment banker friends stocks should continue to do well even into depression level America
SethAbramson Jerome Powell bringing out his money gun.
He did say it would improve in the 3rd quarter. After having the worst quarter in 90 years, I certainly would hope so. But I suspect the reopening will go just as badly as Trump’s initial response. TrumpPandemic ETTD
Delivered bad news honestly and that made it less terrifying
This is tragic! If the pandemic was managed well, we could’ve cut the deaths by half or less and the economy could’ve been opened sooner! These dire predictions are real, collectively the Federal Government failed the nation!!
Not good.
If we can delay the death of just one 90-year-old nursing home patient with a terminal illness it will all be worth it.
$1200.00 went straight to my bills, what did Corporate America spending their money on they probably biy more stock in their company.. VoteoutGopRepublicans2020 How much money did big business get.. ?
And stocks go up in a rigged, bizarro world system...
winning
winning MAGA KAGA 🙄
The guy is deep state pond scum....YAWN
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