Fed's Powell says full economic recovery will likely require coronavirus vaccine: CBS
WASHINGTON: Federal Reserve Chairman Jerome Powell said a US economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.
"This economy will recover. It may take a while ... It could stretch through the end of next year. We really don't know," Powell said in remarks aired on CBS's"Face the Nation" as part of a longer prerecorded interview to be broadcast on Sunday night on the network's"60 Minutes" news show."Assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year.
The Fed has approved a suite of programmes to help businesses and financial markets continue functioning during the pandemic, and to try to limit the failure of firms and families during the fight against the virus. Fed chairs use interviews on national television networks sparingly, but the 60 Minutes interview this evening will be his second since the US central bank began putting its financial power behind the virus fight.
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