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The Federal Reserve chairman tells NPR that the U.S. economy is on a clear path to recovery thanks to the Fed's rescue plan and the stimulus passed by Congress.
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NPR's Steve Inskeep talks to Chairman of the Federal Reserve Jerome Powell about the economic recovery. Here, their full Morning Edition conversation.
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Powell warned it will take time to put millions of jobless Americans back to work, while also downplaying inflation threats.
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In an interview with NPR, Powell says it may take years before the economy has fully recovered. He says practicing social distancing and wearing masks is essential for the economy to rebound.
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No Federal Reserve chair has ever been ridiculed publicly as much as Powell has. And that's despite the central bank's unprecedented efforts to save the American economy.
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The Dow and other stock indexes plunged as cases surged in several states and the Federal Reserve warned that the pandemic "will weigh heavily on economic activity."
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Lawmakers squabbled over how quickly the economy can rebound from the coronavirus shutdown and whether the government is doing enough to support struggling families and businesses.
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Fed Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the pandemic. But he says this will not be another Great Depression.
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Jerome Powell said the economy should recover once the coronavirus is under control. But the central bank chief cautioned that without more help, many small businesses may not survive that long.