Federal Reserve Chairman Jerome Powell spoke to reporters following the central bank's July policymaking decision. The recovery remains “incomplete” even though stimulus efforts so far — including March’s $2.2 trillion CARES Act — have helped prevent the recession from spiraling further out of control, Powell said. Your Ad Choices Fed chief Jerome Powell urges more COVID-19 stimulus spending McConnell mum on mangled face and hands, Ex-flight attendant gets ridiculously light sentence after sex with 15-year-old, Mitch McConnell's weird purple hands may have an easy explanation, NFL stars join in as social media explodes over Daniel Jones trip. (No player above? This story has been shared 109,170 times. Federal Reserve Chairman Jerome Powell urged Congress to provide another round of pandemic relief Tuesday, saying it's better to do too much … “The recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods.”. Both the central bank and Congress should continue their aggressive efforts to shore up the economy even though employment, consumer spending and other key measures have rebounded from their collapse in the spring, Powell argued in a virtual speech to the National Association for Business Economics. Do Not Sell My Personal Information, Your California Privacy Rights “Even if policy actions ultimately prove to be greater than needed, they will not go to waste,” Powell said. 109,170, This story has been shared 51,346 times. We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox. A Division of NBCUniversal. Your California Privacy Rights A full recap of Fed Chief Powell's market-moving comments on rates, economy Thomas Franck Federal Reserve Chairman Jerome Powell spoke to … This story has been shared 109,170 times. Privacy Notice “It hurt to even just lay in my bedsheet,” one... Post was not sent - check your email addresses! Click here to fire up the Youtube stream and watch.). Teen equestrian kills self near stable after mom tells her to ride slower, What's wrong with Mitch? Federal Reserve chairman Jerome Powell on Tuesday called for more government spending to support the nation’s nascent economic recovery from the coronavirus pandemic. Sorry, your blog cannot share posts by email. Data is a real-time snapshot *Data is delayed at least 15 minutes. Thanks for contacting us. Powell and other Fed officials have urged Congress to pass another spending package to blunt the economic damage from COVID-19 as the central bank injected trillions of dollars into financial markets and slashed interest rates to near zero. Sign up for our special edition newsletter to get a daily update on the coronavirus pandemic. President Trump expressed support for a spending bill while he was hospitalized with the coronavirus over the weekend, but it remains uncertain when an agreement will be reached.
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