Jerome Powell, president of the Federal Reserve System, said Wednesday that the coronavirus crisis is raising long-term concerns.
“Additional political measures may be necessary to avoid lasting damage to the economy,” added Powell in his speech prepared at an event hosted by the Peterson Institute for International Economics.
The American dollar The index fell slightly on Powell’s remarks and was last seen down 0.38% to 99.63.
Key points to remember
“Recovery can take time to gain momentum.”
“The coronavirus shock appears to be the greatest ever recorded.”
“A Fed survey shows that 40% of households with incomes below $ 40,000 have lost their jobs.”
“The US budget response was the quickest, the most important for any post-war downturn.
“The Fed has also acted with unprecedented speed and force.”
“The political response has provided a measure of relief, of stability.”