Powell Says Economy May Be in Recession, But Fed Will Act to Deliver ‘Vigorous’ Rebound

Powell Says Economy May Be in Recession, But Fed Will Act to Deliver ‘Vigorous’ Rebound
Federal Reserve Chair Jerome Powell speaks at a press conference in Washington on Jan. 29, 2020. Samuel Corum/Getty Images
Tom Ozimek
Tom Ozimek
Reporter
|Updated:

Federal Reserve Chairman Jerome Powell said Thursday that the U.S. economy may well be in recession due the COVID-19 outbreak, but insisted the central bank still has tools to give the economy its best chance for a “vigorous” rebound.

Speaking in a rare television interview on March 26, Powell told NBC’s “Today” that while the economy was likely in contraction and that he further expected economic activity to decline “pretty substantially” in the second quarter, the lack of underlying economic fragility means a quick recovery is possible.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
twitter
Related Topics