Fed: US economy faces 30 per cent drop over coronavirus

first_img President Donald Trump has already wound up his coronavirus taskforce as he gears up to reopen the economy. whatsapp But Powell told CBS: “There’s no clear finding that it actually does support economic activity on net, and it introduces distortions into the financial system, which I think offset that.” But only 14 US states have reported a decline in new cases for two weeks – a federal guideline to meet to begin reopening – according to Reuters. Speaking to CBS show 60 Minutes, Powell said: “This is a time of great suffering and difficulty… you can’t really put into words the pain people are feeling. Show Comments ▼ So far the US has approved almost $3 trillion (£2.5 trillion) in stimulus to help the economy. The packages are worth around 14 per cent of the US economy and Democrats approved another $3 trillion package on Friday. Federal Reserve Board chairman Jerome Powell has warned the US economy could “easily” decline by 20 to 30 per cent over the coronavirus pandemic. (AFP via Getty Images) Also Read: Jay Powell: US economy could shrink 30 per cent over coronavirus “I continue to think, and my colleagues on the Federal Open Market Committee continue to think, that negative interest rates is probably not an appropriate or useful policy for us here in the United States,” he said. Federal Reserve Board chairman Jerome Powell has warned the US economy could “easily” decline by 20 to 30 per cent over the coronavirus pandemic. (AFP via Getty Images) Also Read: Jay Powell: US economy could shrink 30 per cent over coronavirus However, more than 36m Anmericans have filed for unemployment since the start of the pandemic. And 89,562 people have died in the US, which now counts 1.49m infections, according to Johns Hopkins University. Share Jay Powell: US economy could shrink 30 per cent over coronavirus Federal Reserve chairman Jay Powell has warned the US economy could “easily” decline by 20 to 30 per cent over the coronavirus pandemic. Joe Curtis Federal Reserve Board chairman Jerome Powell has warned the US economy could “easily” decline by 20 to 30 per cent over the coronavirus pandemic. (AFP via Getty Images) Also Read: Jay Powell: US economy could shrink 30 per cent over coronavirus He said local leaders can make te decision, saying “in almost half of our reporting counties, we have had not a single death”. Powell called on the Trump administration to offer more economic relief and to pour more money into the US economy as the crisis drags on. Monday 18 May 2020 7:28 am However, that is not expected to pass the Republican-majority Senate. Federal Reserve Board chairman Jerome Powell has warned the US economy could “easily” decline by 20 to 30 per cent over the coronavirus pandemic. (AFP via Getty Images) US Health and Human Services Secretary Alex Azar has defended the decision by most states to begin lifting lockdown measures. Trump has pressured Powell to bow to negative rates – where banks effectively pay people to borrow money – to help citizens through the pandemic. whatsapp Tags: Coronavirus “This economy will recover. It may take a while. It could stretch through the end of next year. We really don’t know.” Unemployment may peak at 25 per cent, Powell said, but he ruled out negative interest rates as a measure to fight the coronavirus fallout. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBleacherBreaker4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!BleacherBreakerMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorybonvoyaged.comTotal Jerks: These Stars Are Horrible People.bonvoyaged.comDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyNational Penny For Seniors7 Discounts Seniors Only Get If They AskNational Penny For Seniorszenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comDefinitionThe Funniest Yard Signs EVER WrittenDefinitionGloriousaOctomom’s Kids Are All Grown Up. Here’s How They Turned OutGloriousainvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.com The US central bank boss also warned the economic downturn could continue until late 2021, and there may be no recovery until scientists create a vaccine. Trump’s administration is focused on reopening state economies. last_img

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