6/29, 10:22 PM (Source: TeleTrader)
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US economy far from prior levels despite good data - Fed's Powell

Federal Reserve Board Chairman Jerome Powell warned on Monday that the United States economy has entered "an important new phase sooner than expected," but warned that it still has a long way to go before it returns to pre-pandemic levels.

"The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus," the official said, asserting that the recovery will rely on "the policy actions taken at all levels of government to provide relief and to support the recovery for as long as needed."

Powell reiterated that the central bank will leave the interest rate near zero until it is "confident" the economic recovery is on track to achieve employment and inflation goals.

Breaking the News / MD