Fed Chairman Jerome Powell warns that economic downturn could last until late 2021
Powell remained optimistic that the economy would eventually rebound, assuming the coronavirus doesn't erupt into a second wave."It could stretch through the end of next year," he added, stressing that the US economy may not fully recover until the arrival of a COVID-19 vaccine.
The US has seen the largest number of coronavirus cases of any country in the world. As of Sunday evening, it has reported over 1.4 million cases and more than 89,000 deaths. "Keep workers in their homes, keep them paying their bills. Keep families solvent," he said, adding that he believed trillions of dollars in additional federal debt could be paid over decades.
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