Don't bet against America, says Fed chief on '60 Minutes'

18 Mai, 2020, 16:50 | Auteur: Auguste Feret
  • Jerome Powell chairman of the US Federal Reserve says the US economy could begin recovering'pretty soon but that it could be a slow climb out of recession and a double-digit unemployment rate

Federal Reserve chairman Jerome Powell , speaking on ' 60 Minutes ,' said an economic recovery could take as long as another year and a half, but he said he believes the economy could begin recovering as early as the second half of this year. "We really don't know", he said.

"Assuming there's not a second wave of the coronavirus, I think you'll see the economy recover steadily through the second half of this year", the US central bank chief said in an excerpt of an interview conducted Wednesday and aired on Sunday on CBS's "Face the Nation" show.

Powell repeatedly returned to health issues as central to the success of a USA economic reopening, calling on Americans to "help each other through this" by adhering to social distancing rules as state and local governments begin to lift restrictions on social and economic activities.

"This economy will recover", he said. That has raised the hope of a gradual return to normal, but also has increased the risk of new infections.

Newsweek has contacted the Federal Reserve for further comment.

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The US economy could "easily" collapse by 20 to 30 percent this quarter, and unemployment could peak at 20 to 25 percent, but, "it should be a much shorter downturn than you would associate with the 1930s".

The most important policy objectives should be to "keep workers in their homes, keep them paying their bills", he said. United States legislators beginning in March committed $3 trillion to offset job losses and other economic troubles related to the pandemic.

The Fed cut its interest rates to near-zero as the pandemic spread and has launched a series of programmes to help businesses and markets continue functioning.

With the US Dollar remaining relatively stable, Bullion bulls are relishing any opportunity to push Gold prices higher, with $1800 appearing to be just around the corner.

The US Fed chairman said that the coming global economic recession could be curbed if enough support is provided now. "Not by a long shot".

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