Fed Chairman Jerome Powell warns that economic downturn could last until late 2021 - Creak News

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Fed Chairman Jerome Powell warns that economic downturn could last until late 2021

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FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. REUTERS/Kevin LamarqueReuters

  • 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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