The U.S. economy could return to pre-crisis levels “much earlier” than expected, says Jerome Powell, chairman of the Federal Reserve (Fed), Washington’s central banking institution.
Jerome Powell argued that the financial assistance measures approved by Congress and the presidency made it easier to avoid long-term economic damage. The Fed chairman stressed that the US economy will not be able to fully recover as long as the pandemic is not under control.
“We had a good economic situation in February 2020 and I would say we can reach the same level much sooner than we feared,” Jerome Powell was quoted as saying by The Hill.
President Donald Trump and Congress have approved $ 4 billion in fiscal assistance plans under $ 2.2 trillion and $ 908 billion in financial assistance plans.
The new president, Joseph Biden, would announce an additional $ 1.5 trillion financial assistance program.
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