coronavirus Pandemic is having unprecedented pressure on the U.S. economy, said the Chairman of the Federal reserve system Jerome Powell in an interview with NBC.
“We may be in recession, said Powell. But I would point to the difference between this and a normal recession. In our economy there is nothing fundamentally wrong. Just the opposite. We begin with a very strong position.”
“This is a unique situation — said the head of the fed in response to the question, can the economy withstand a one-month quarantine. — I think people need to understand that it is not a typical recession. People are asked to close your business, to stay home and not engage in certain economic activity… At some point we’ll get the virus under control and confidence will return.”
as for the hopes of the President of the United States Donald trump to remove associated with coronavirus limitations for Easter, Powell said: “We are not experts on pandemics. We can’t make this decision. We tend to listen to the experts”.
the Us Central Bank has taken a number of extraordinary measures to support the economy in conditions of a pandemic. The regulator has twice cut interest rates this month, bringing them to almost zero. The fed also announced that it will buy unlimited amounts of Treasury bonds and mortgage-backed securities.
in addition, the U.S. Senate approved a bill of unprecedented measures to support the economy by $ 2 trillion.