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3/26, 12:13 PM (Source: TeleTrader)
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Powell: US may well be in recession

United States Federal Reserve Chair Jerome Powell told NBC on Thursday that the country may "well be in recession" due to the coronavirus pandemic, but insisted there is "nothing wrong" with the US economy, "quite the contrary."

Powell stressed that the US should focus on getting the virus under control and once the disease is defeated, the economy will rebound.

The Fed chair pointed out that the current situation is "unique" and it is not a "normal recession" as the economy is stagnating because people were asked to step away from work to curb the spread of COVID-19.

Breaking the News / NP