Jerome Powell warned of a 30 per cent contraction, but reminded that crisis does not stem from economic dysfunction
, has said that while the US’s economy should recover “substantially” from what looks to be a devastating recession, it will first shrink by as much as 20-30 per cent this quarter – and that a full rebound will probably only be possible once a, Mr Powell made clear that while the economic disaster wrought by the pandemic is a dire one indeed, the US can take heart from the fact that it does not reflect fundamental flaws in the economy’s functioning before the virus hit.
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