Reuters
- US Federal Reserve Chairman Jerome Powell said that economic downturn from the novel coronavirus pandemic may last until late 2021.
- In an interview with CBS News' "60 Minutes" that aired on Sunday night, Powell said that Americans need to prepare for a new economic reality that will "take a while for us to get back."
- 30 million Americans have filed for unemployment in six weeks, though the actual number of jobless Americans may be higher.
- Powell said that he supports government policies that "help businesses avoid avoidable insolvencies and that do the same for individuals," adding that he believed trillions of dollars in additional federal debt could be paid over decades.
- Visit Business Insider's homepage for more stories.
US Federal Reserve Chairman Jerome Powell said a US recovery from the coronavirus would likely be slow and an economic downturn from the virus may last until late next year.
In an interview with CBS News' "60 Minutes" that aired on Sunday night, Powell said that Americans need to prepare for a new economic reality that will "take a while for us to get back."
See the rest of the story at Business Insider
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See Also:
- As Australian and US states lift lockdowns, one expert says 4 key differences helped Australia manage its outbreak while the US is fumbling its response
- New York might have avoided becoming the US epicenter of the coronavirus outbreak if Gov. Cuomo hadn't reportedly dismissed shelter-at-home advice
- Law enforcement officials fear that the US will see an increase in arson and violence linked to 5G conspiracy theories, according to reports
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