Federal Reserve chair says the risk to small businesses from the pandemic is acute.
Federal Reserve Chairman Jerome Powell said the U. S. economy faces a deep downturn with « significant uncertainty » about the timing and strength of a recovery. He warned that the longer the recession lasts, the worse the damage that will be inflicted on the job market and businesses.
Powell stressed in prepared testimony to Congress that the Fed is committed to using all its financial tools to cushion the economic damage from the coronavirus. But he said that until the public is confident the disease has been contained, « a full recovery is unlikely.
