Fed’s Powell Warns of Long-Term Harm to Economy, Says Congress Must Act

Federal Reserve Chair Jerome Powell speaks at a press conference in Washington on Jan. 29, 2020. Samuel Corum/Getty Images

Federal Reserve Chair Jerome Powell on Wednesday warned of the threat of a prolonged recession due the pandemic and urged lawmakers and the Trump administration to ramp up spending to prevent long-lasting economic damage.

Speaking at a virtual question and answer session, Powell said the United States faces an economic hit “without modern precedent.”