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Powell warns that long downturn would mean severe damage

 

Last updated 6/19/2020 at 2:27am

In this Tuesday, March 3, 2020, file photo, Federal Reserve Chair Jerome Powell pauses during a news conference to discuss an announcement from the Federal Open Market Committee, in Washington. AP photo/Jacquelyn Martin, file photo

Martin Crutsinger

AP Economics Writer

Federal Reserve chairman Jerome Powell warned Tuesday, June 16, 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 economic damage from the coronavirus. But he said that until the public is confident the disease has been contained, "a full reco...



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