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.
