Powell speech: Economy will recover ‘steadily’ through 2H 2020

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While speaking on CBC’s ‘Face the Nation’ on Sunday, the US Federal Reserve (Fed) Chairman Jerome Powell said, “economy will recover ‘steadily’ through the 2nd half of 2020.”

Additional quotes

“It’s going to take ‘a while’ to get back all GDP lost.”

“Economic recovery needs people to feel confident about virus and safety.”

“Full confidence may have to await the arrival of a vaccine.”

“The US recovery may stretch through the end of next year.”

Attention turns towards Powell’s testimony due later in the week ahead. Powell is due to testify on Coronavirus Aid, Relief, and the Economic Security Act before the Senate Banking, Housing, and Urban Affairs Committee in Washington DC.

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