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11/30/2020, 10:42 PM (Source: TeleTrader)
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Powell: Vaccine news positive, outlook still uncertain

Federal Reserve Chairman Jerome Powell will tell lawmakers that "the outlook for the economy is extraordinarily uncertain" despite "positive news" regarding the development of coronavirus vaccines, according to his prepared remarks published on Monday.

"As we have emphasized throughout the pandemic, the outlook for the economy is extraordinarily uncertain and will depend, in large part, on the success of efforts to keep the virus in check," Powell is set to state during his congressional testimony on Tuesday, adding that the recent resurgence in COVID-9 cases is "concerning." "A full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities," he concludes.

After describing the vaccine news as "very positive," the Fed chair will stress that "significant" challenges still remain, including production and distribution of the vaccines, as well as its efficacy among different groups.

Breaking the News / JC