Fed's Powell warns of a 'weak' US economic recovery if more stimulus isn't enacted - Business Insider

Failure to pass adequate and timely stimulus endangers the US economic recovery, Federal Reserve Chairman Jerome Powell said Tuesday.

The remarks arrive as Congress remains stuck in deliberations on a new fiscal relief bill. While House Democrats passed a $2.2 trillion measure on Thursday, Senate Republicans have balked at the bill's price tag.Federal Reserve Chairman Jerome Powell inched closer to explicitly calling for additional fiscal stimulus on Tuesday, warning that an insufficient spending bill could cripple the US economic recovery.

To be sure, the Fed has shouldered much of the policy burden throughout the coronavirus pandemic. The central bank slashed its benchmark interest rate to near zero in March, kicked off an unprecedented asset-purchase program, and established nine emergency lending facilities. Still, Powell's commentary highlighted some bright spots. The recovery is moving "more quickly than generally expected," and could see the unemployment rate fall back to pre-pandemic levels by the end of 2023, he said. The initial fiscal response was "truly extraordinary" and fueled much of the rebound's early gains.

How is forcing small businesses into debt they can’t pay help the economy? Businesses will be making money to pay the government not themselves or employees.

Check out my Gig on Fiverr: Do You Want To Make 3d Animated Logo Intro Video In $5 ? Contact Me : Logo Animation 3D Logo Animation Top Logo Animation Best Logo Animation

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pelosi reveals US stimulus progress, tells airlines don't fire people - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. She wants money for illegals, poorly run cities & states, cash for illegal immigrants & money to send ballots all over the US 4 people to mail in- senatemajldr wants money to go to the people and businesses in trouble, so there is your impasse- SpeakerPelosi playing politics. Just stop passing your damn useless bills if you can't get the other side to budge. Just keep it under 2T. Stop Bailing out everything. More are starving and losing their minds locked up. You're lucky you can get your hair done when you want princess 👸
Source: BusinessInsider - 🏆 729. / 51 Read more »

Dr. Fauci warned that Trump's coronavirus recovery could soon go into 'reversal' - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. This guy Could is the key word here. Trump's recovery could just as likely continue.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Southwest, Pfizer, BioNTech: What to Watch When the Stock Market Opens TodayS&P 500 futures wobble ahead of trade-deficit data and Powell's comments on the economic outlook.
Source: WSJ - 🏆 98. / 63 Read more »