“We may well be in a state of recession,” Powell said, adding that nothing “fundamentally wrong” is happening with the US economy.
The head of the regulator noted that the coronavirus pandemic is putting pressure on the US economy, but, according to him, the current situation may lead to a recovery in the future.
In March, the US Federal Reserve unexpectedly lowered the interest rate twice, and now it is at the level of 0-0.25% per annum.
The head of the regulator said that such extreme measures were justified, because “the outbreak of coronavirus has damaged society and undermined economic activity in many countries, including the United States.”
The World Health Organization ( WHO ) on March 11 declared the outbreak of the new coronavirus COVID-19 a pandemic. According to the latest WHO data, more than 414 thousand people are already infected in the world, over 18 thousand have died.
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