Fed Warns Economic Downturn Could Last Until Late 2021

Fed Warns Economic Downturn Could Last Until Late 2021
Federal Reserve Chair Jerome Powell speaks at a press conference in Washington on Jan. 29, 2020. Samuel Corum/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:

Federal Reserve Chairman Jerome Powell says that America’s economy may not recover from the COVID-19 crisis until the end of 2021, casting doubt on hopes for a quick, V-shaped rebound.

Powell told CBS in an interview aired on “60 Minutes” on May 17 that while the Fed is “not out of ammunition by a long shot,” referring to the pallet of crisis response tools the central bank has deployed to shield businesses and families from the worst of the outbreak, he said the U.S. economy could be in for a prolonged bout of pain.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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