Fed Chair Powell says COVID surge a concern, economy still needs support By Reuters

© Reuters. FILE PHOTO: Senate's Committee on Banking, Housing, and Urban Affairs hearing

© Reuters. FILE PHOTO: Senate’s Committee on Banking, Housing, and Urban Affairs hearing

WASHINGTON (Reuters) – The surge in coronavirus cases is a big concern for an economic recovery that still has a “long way to go,” and the economy will continue to need support from both fiscal and monetary policy, Federal Reserve Chair Jerome Powell said on Tuesday.
The Fed is committed to “using all of our tools to support the recovery for as long as it takes until the job is well and truly done,” Powell said at a virtual Bay Area Council event, adding that the economy likely needs more fiscal support as well. The current rise in cases and hospitalizations due to the novel coronavirus is “very much a concern” because it could scare people from engaging in economic activity and slow the economy, he said.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source link