12/1/2020, 4:54 PM (Source: TeleTrader)
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Fed's Powell: Long way to go to full recovery

United States Federal Reserve Chair Jerome Powell said on Tuesday that the US economy has "a long way to go" before reaching the pre-coronavirus levels of activity. Testifying before Congress, he conceded that it is "very difficult to say" how long the recovery will take, but added that the economy has performed better than expected.

Powell warned that there are "a lot of small businesses that are at risk of going out of business during this winter" and that some people in the lower income spectrum could need more financial help from the government. However, he expressed optimism that the COVID-19 vaccine could help the economic recovery and acknowledged that "the fact the economy was in very good shape" before the pandemic may have contributed to its faster-than-expected recovery.

Breaking the News / DJ