Fed Has Dim Outlook As Virus Squeezes Economy

Federal Chair Powell said the ongoing pandemic threatens a modest rebound in early summer time, and that the Fed will continue to keep fascination costs near zero well into the long run.

WASHINGTON (AP) – Federal Reserve Chair Jerome Powell warned Wednesday that the viral epidemic is endangering the modest financial recovery that followed a collapse in employing and spending this spring. As a consequence, he said, the Fed strategies to continue to keep fascination costs pinned near zero well into the long run.

That faltering financial system, pressured by a resurgence of the virus, has heightened the need for Congress to carry on delivering important money assist, Powell said. Associates of the Property and Senate are negotiating a new package but are nowhere near arrangement. Senate Republicans and the White Property are proposing a program that would offer a lot less support for unemployed Us citizens than they are

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