Fed Chief Allows the Possibility of Recession in the US Economy
OREANDA-NEWS. Jerome Powell, the Chairman of the US Federal Reserve System, allowed recession in the American economy due to the coronavirus spread.
“We may well be in a recession,” the head of the Fed said in an interview with NBC television channel. According to Powell, nowadays the world faces a “unique situation.” At the same time, he expressed the hope that economic activity in the US will recover in the second half of 2020. “The sooner we get the virus under control, people will very willingly open back up their businesses and get back to work,” he concluded. Powell emphasized that the Federal Reserve is focused on the task of helping the American people.
Earlier, US authorities announced their intention to allocate about 6 trillion dollars in connection with the spread of COVID-19.