Reopening economy too quickly could cause new coronavirus spike, Powell says [View all]
Source: Washington Post/Nation Thailand
Apr 12. 2021
Federal Reserve Chair Jerome Powell warned in an interview broadcast Sunday that reopening the economy too quickly could lead to another worrisome jump in coronavirus cases, saying that the United States has not completely turned the corner and that the pandemic continues to pose major risks to any recovery.
Powell, speaking in a "60 Minutes" interview, also said that the coronavirus pandemic had exacerbated economic disparities in the United States and that this could take time to address during an uneven recovery.In the interview, Powell described an economy that was at "an inflection point," showing signs of acceleration but still facing numerous risks. By many measures, the economy is rebounding strongly, with the hopes that increased vaccinations and recent stimulus packages charting a year of strong growth. The Dow Jones industrial average is at record levels, and more than 900,000 jobs were added last month.
In the interview, Powell described an economy that was at "an inflection point," showing signs of acceleration but still facing numerous risks. By many measures, the economy is rebounding strongly, with the hopes that increased vaccinations and recent stimulus packages charting a year of strong growth. The Dow Jones industrial average is at record levels, and more than 900,000 jobs were added last month.Yet at the same time, coronavirus cases are rising. And with at least 8.5 million Americans still out of the workforce, the scars of long-term unemployment, especially for workers of color and women, compound by the day.
Read more: https://www.nationthailand.com/business/30404786
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