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9/16, 8:52 PM (Source: TeleTrader)
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Powell: Economy may need more fiscal support

Federal Reserve Chairman Jerome Powell said on Wednesday the US economy may need more fiscal and monetary support in order to recover from the coronavirus pandemic.

Speaking at his regular press conference following the conclusion of the Fed's two-day policy meeting, Powell said although the economy has been recovering at a "reasonable pace," policymakers expect that pace to slow down further down the line. The initial fiscal response has been very "effective" and "forceful," but maintained that more support is needed as 11 million people remain jobless amid the COVID-19 pandemic.

The Federal Open Market Committee announced earlier its decision to hold rates near zero until the economy recovers from the coronavirus pandemic. Recently, Powell said policymakers would target a 2% inflation rate on average during the crisis.

Breaking the News / JC