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Added on the 29/07/2020 21:05:02 - Copyright : AFPTV - First images
"The outlook for the economy is extraordinarily uncertain and will depend in large part on our success in keeping the virus in check," says US Federal Reserve Chairman Jerome Powell during a news conference on policy amid Covid-19 pandemic. SOUNDBITE
Former chair of the US Federal Reserve Janet Yellen is on the same page as current Fed chair Jay Powell. Markets Insider reports Yellen echoes Powell, in that the Fed has 'already done a huge amount,' and now it's time for the US Congress to start pulling its weight. While the pandemic is still seriously affecting the economy, we need to continue extraordinary fiscal support. Janet Yellen Former Chair, US Federal Reserve Furthermore, Markets Insider reports Yellen told Bloomberg News she wants to see the US make a 'more effective effort' at fighting the pandemic. After all, she added, Germany, Korea, and China have all been successful in doing so.
Fed Chair Jay Powell warned on Tuesday that the US economy would suffer if another stimulus package isn't passed, which remains stalled in Congress. House Democrats passed a $2.2 trillion stimulus plan earlier this month, but Sen. Majority Leader Mitch McConnell (R-Ky.) called the amount 'outlandish.' Too little support would lead to a weak recovery, creating unnecessary hardship for households and businesses. Jay Powell Chair, US Federal Reserve But according to Business Insider, White House economic advisor Larry Kudlow said Sunday that he doesn't agree with that assessment. We are in a strong rebound. Businesses are reopening. We are learning to deal with the virus in a targeted, safe, prevented way. White House Economic Adviser Larry Kudlow Interview, CNN's 'State of the Union'
While the US economy is moving "with alarming speed" towards a "very high unemployment" rate, says Federal Reserve Chairman Jerome Powell, once businesses can reopen, "there is every reason to believe that the economic rebound, when it comes, can be robust." SOUNDBITE
The US Federal Reserve votes to hold interest rates at a 22-year high for the third straight meeting and signaled it expects to make three cuts next year. SOUNDBITE
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