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'We may well be in a recession,' says Fed Chairman Jerome Powell

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Burst Details

'We may well be in a recession,' says Fed Chairman Jerome Powell

Bloomberg Radio New York |
2 months ago
Bloomberg Radio New York

Automatic TRANSCRIPT

Show the federal reserve chairman Jerome Powell echoed optimism for the U. S. economy how conceded that although the U. S. could be entering a recession it's likely temporary we may well be in recession but I would point to the difference between this and a normal recession there's nothing fundamentally wrong with our economy quite the contrary the economy performed very well right through February we've got a fifty year low in unemployment for the last couple of years so we start in a very strong position this isn't that and something that's wrong with the economy this is a situation where people are being asked to step back from economic activity closer businesses stay home from work so in principle if we get the virus spread under control fairly quickly then economic activity can resume and and we want to make that rebound as vigorous as possible the federal reserve is please despite trillions of dollars into the U. S. economy once the stimulus bill is signed into law the fed's landing facilities a set to push the central bank's balance sheet up sharply from at already record high four point seven trillion dollars some analysts saying it could peak at nine to ten