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Powell warns that long downturn would mean severe damage

 

Last updated 6/16/2020 at 12:38pm

Federal Reserve Chairman Jerome Powell

MARTIN CRUTSINGER

AP Economics Writer

WASHINGTON (AP) - Federal Reserve Chairman Jerome Powell warned Tuesday that the U.S. economy faces a deep downturn with "significant uncertainty" about the timing and strength of a recovery. He cautioned that the longer the recession lasts, the worse the damage that would be inflicted on the job market and businesses.

In testimony to Congress, Powell stressed that the Fed is committed to using all its financial tools to cushion the damage from the coronavirus. But he said that until the public is confident the disease has been contained, "a full recove...



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