FED Chair Powell: Economy needs more support from Congress
UPDATED 8:15 PM PT – Thursday, November 12, 2020
The chairman of the Federal Reserve has urged Congress to pass another stimulus package as the country continues to grapple with the impact of the coronavirus pandemic.
On Thursday, Jerome Powell said in a conference with the European Central Bank that even as the economy starts to recover, he’s worried about certain long-term effects the pandemic may have.
Specifically, Powell said the economy will likely be more technology focused than before and could leave retail, factory and hospitality workers who lost their jobs out of work for longer than they otherwise would be.
“We’ve got new cases at a record level,” Powell stated. “We’ve seen a number of states begin to reimpose limited activity restrictions and people may lose confidence that it’s safe to go out.”
This came as Congress remains stuck in a stalemate in terms of striking a deal on a new stimulus bill, limiting the chances one will be passed before the end of the year.