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Powell: The United States may be in recession

26 Mar 2020 03:07 PM

Jerome Powell, Chairman of the Federal Reserve, made the following remarks today in an interview on NBC:

  • The United States "may be in recession," but progress in controlling the spread of the virus will indicate when the economy will be fully reopened.
  • We are not experts in the epidemic ... we tend to listen to experts.
  • Each dollar of Treasury backstop can support $ 10 of Federal Reserve loans.
  • The Federal Reserve is ready to intervene while credit does not flow.
  • The current crisis is not a typical downturn.
  • When the virus is under control, confidence will return.
  • The priority should be to control the virus.
  • There is nothing fundamentally wrong in our economy.
  • Economic activity is expected to resume in the second half of this year, but it depends on the virus.
  • The Federal Reserve still has room for further action.

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