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6/10, 8:35 PM (Source: TeleTrader)
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Fed's Powell: US Q2 GDP drop likely to be most severe on record

The decline in the United States gross domestic product in the second quarter is likely to be most severe on record, Federal Reserve's Chairman Jerome Powell said on Wednesday.

The official warned that despite the improvement seen in the May employment, unemployment remains "historically high." Powell stated that while some indicators suggest stabilization in some sectors, the overall business activity is yet to pick up.

Preserving the flow of credit is necessary to help the economy, the head of Fed added, asserting that ongoing purchases have improved financial conditions.

Breaking the News / MD