Fed chief says coronavirus surge slowing U.S. economic recovery
30 Jul 2020 | Economic News
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Fed chief says coronavirus surge slowing U.S. economic recovery
The surge in U.S. coronavirus cases is beginning to weigh on economic activity, the head of the Federal Reserve said on Wednesday, and he promised the U.S. central bank would “do what we can, and for as long as it takes,” to limit damage and boost growth.
“It looks like the data are pointing to a slowing in the pace of the recovery,” Fed Chair Jerome Powell said at a news conference, pointing to an apparent pullback by consumers and a slowdown in the rehiring of furloughed workers, particularly by small businesses.
The United States, he said, “has entered a new phase in containing the virus, which is essential to protect both our health and our economy.”
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