Fed Chair: The Economy May Not ‘Fully Recover’ Until a Coronavirus Vaccine Is Developed

Federal Reserve Chairman Jerome Powell says the economy will recover, but it may not “fully recover” by the end of 2020. 

“It’s going to take a while for us to get back,” Powell said during an interview on CBS News’ “60 Minutes” on Sunday. “But, I would just say this, in the long run, and even in the medium run, you wouldn’t want to bet against the American economy.”

“This economy will recover. It may take a while, it may take a period of time, it could stretch through the end of next year. We really don’t know,” Powell added.

When asked if a fully recovered economy could happen without a vaccine, Powell 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.”

However, he said that for the economy to “fully recover” people have to be “fully confident.”

He added, “That may have to await the arrival of an effective vaccine.”

Watch the video below:

Last week, Powell urged Congress to pass additional fiscal measures to help the economy, “Additional fiscal support could be costly, but worth it if it helps avoid long-term damage and leaves us with a stronger recovery.”

“There is a growing sense that the recovery may come more slowly than we would like, but it will come. And that may mean that it’s necessary for us to do more,” he added.

Powell’s comments echo those made by members of President Donald Trump’s administration who predict that the economy will begin to see a rebound in the second half of the year.

During an interview on CNN earlier this month, White House National Economic Council Director Larry Kudlow laid out his prediction for a timeline on economic recovery.

“Wall Street Journal surveys and so forth, are looking for a very strong second-half economic rebound and suggesting that 2021 next year could be one of the fastest growth rebounds in American history or recent history,” he said. 

However, some analysts predict that it could take years for the economy to recover.

Responses

  1. My last paycheck was $9500 working 20 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can’t believe how easy it was once I tried it out. The potential with this is endless. This is what I do………….. Employment10.com

  2. They said the same thing about HIV once and the world recovered economically. Might take time but it will happen.

      1. Your correct HIV could be eradicated without any govt money. People just stop having unprotected sex and stop sharing needles.
        Selfish people causing a worldwide problem because they can do what they want.

        1. “Selfish people causing a worldwide problem because they can do what they want.” Captain Snowflake

          This PERFECTLY describes people who push for early re-opening. ME! ME! ME! I want to do what I want to do and I want to do it NOW!

          Assholes.

  3. trumpisalyingsackofshit’s happy talk and blowing smoke up Americans’ asses are being b lown out of the water by the facts and the truth.

    Only a delusional idiot would trust their health and well being, safety and security, their very life and that of their loved ones to the word of the absolutely self centered, pathological liar, and textbook psychopath trumpuke.

    1. Don’t underestimate the stupidity of the American population. There are a LOT of delusional idiots in this country.

  4. Recent headlines include:

    – 8 crewmen on one of our naval ships tested positive for the Trump Virus AFTER recovering from an earlier infection

    – China just locked down Jilin province and quarantined 8,000

    – Texas just had their highest count of daily new cases ever after re-opening too early

    – the US has between 2-3,000 DAILY Trump Virus DEATHS

    – in South Korea, the nightclub hotspot caused by ONE person is now up to 168, but most schools are going to re-open

    Does ANYONE seriously think we are going to get back to normal BEFORE this upcoming election?

  5. “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.” Federal Reserve Chairman Jerome Powell

    I am confused, Mr Powell.

    Why would you assume ANYTHING about this Trump Virus? This administration has gotten EVERYTHING wrong about how to deal with it.

    Dear Leader said that it was just like the annual flu, but the flu has a typical transmissiblity rate of only 1.2. The Trump Virus has a transmissiblity rate of somewhere between 2-3 and it IS more deadly. Science sucks, especially when you ignore it and instead try to gaslight the American people.

    We MUST elect better politicians.

    #outnow
    Refusefascism·com

    1. You need to look up the definition of facism.
      You can see it live by looking at the gov’s in NY, MI and OR among others

      1. Captain Snowflake is confused by fascism, projection and deflection.

        You seem to have missed the many discussions about fascism on IJR. (For the record, I correctly defined it and correctly labeled King Donald The Loser as a Dear Leader, too. A fascist Dear Leader.) The amount of misinformation doled out by people like you was astonishing. In other words, you don’t know what you think that you know, either.

        So you resort to not talking about the subject at hand by weakly using deflection and projection away from it. You are also a failure at that, too.

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