U.S. Federal Reserve Chairman Jerome Powell speaks to reporters in Washington, U.S., March 3, 2020. The Fed has approved a suite of programs to help businesses and financial markets continue functioning during the pandemic, and to try to limit the failure of firms and families during the fight against the virus.Kevin Lamarque/Reuters
Federal Reserve Chair Jerome Powell said a U.S. economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.
“This economy will recover. It may take a while ... It could stretch through the end of next year. We really don’t know,” Mr. Powell said in remarks aired on CBS’s Face the Nation as part of a longer prerecorded interview that was to be broadcast Sunday night on the network’s 60 Minutes news show.
“Assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year. For the economy to fully recover people will have to be fully confident and that may have to await the arrival of a vaccine.”
The Fed has approved a suite of programs to help businesses and financial markets continue functioning during the pandemic, and to try to limit the failure of firms and families during the fight against the virus.
Fed chairs use interviews on national television networks sparingly, but the 60 Minutes interview Sunday evening was his second since the U.S. central bank began putting its financial power behind the virus fight.
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