The Federal Reserve chairman added that the U.S. economy would 'get through this' downturn onset by the coronavirus pandemic.
The Federal Reserve chairman said he doesn't believe the U.S. is heading for a"Second Great Depression," but warned that the U.S. economy may not recover from the coronavirus pandemic until the end of 2021.
He also said GDP could have contracted by as much as 20 to 30 percent in the second quarter of this year, following a sharp fall in the first three months of 2020. "And that's one big difference. In the '20s when the Depression, well, when the crash happened and all that, the financial system really failed. Here, our financial system is strong, has been able to withstand this."
Jerome Powell announces a half percentage point interest rate cut during a speech on March 3, 2020 in Washington, DC."It could stretch through the end of next year. We really don't know. We hope that it will be shorter than that, but no one really knows."
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