JEROME POWELL: WE HAVE ENTERED AN IMPORTANT NEW PHASE TO PROTECT OUR HEALTH AND ECONOMY


31/07/2020




Serhat TUNAR -TDO- U.S. central bank (Fed) President Jerome Powell said a new phase had been entered to protect the economy and said he had seen some signs in recent weeks that the rise in coronavirus cases and the reintroduction of measures to contain the outbreak were starting to put pressure on economic activity.

Powell said he was determined to use the Fed's tools to ensure that the economic recovery in the wake of the outbreak was as strong as possible and to limit the lasting damage to the economy, noting that economic activity has also begun to pick up with normalization in recent months.

"Even with the economic news that improved in May and June, overall economic activity remains well below its pre-epidemic level," Jerome Powell said. The contraction in the real economy in the second quarter is likely to be of record magnitude."


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