7/28, 8:50 PM (Source: TeleTrader)
more TeleTrader news

Powell: Each wave of COVID affecting economy less

Federal Reserve Chair Jerome Powell said that it is still unclear what kind of impact the Delta variant of the coronavirus will have on the economy but stressed that each wave of the virus so far had "less economic implications" than the previous one.

However, Powell stressed some impact is expected as people are likely to "pull back from some activities," noting they may dine out less or cut traveling in case of a significant surge in infections.

The Fed chair admitted health consequences of the Delta strain could be significant but the Fed has "no strong sense" on how it will affect the economy.

Breaking the News / NP