FILE – In this June 30, 2020, file photo, Federal Reserve Chairman Jerome Powell testifies during a hearing of the House Financial Services Committee on the response to the coronavirus on Capitol Hill in Washington. (Tasos Katopodis / Pool via AP, File)
OAN press room
UPDATED AT 4:05 PM PT – Wednesday July 29, 2020
According to Federal Reserve Chairman Jerome Powell, a full economic recovery remains unlikely until people are sure that it is safe to participate in broad economic activities. Powell said on Wednesday that the way forward for the economy will depend in part on political actions taken at all levels of government to provide aid and support as needed.
The president also noted that federal stimulus payments and expanded unemployment benefits “provided substantial and timely support for household income.”
However, he cautioned that a recent increase in COVID-19 cases has been affecting overall economic activity.
“As we have emphasized throughout the pandemic, the way forward for the economy is extremely uncertain and will depend, in large part, on our success in keeping the virus under control,” Powell said. “In fact, we have seen some signs in recent weeks that the increase in virus cases and renewed measures to control it are beginning to weigh on economic activity.”
He reiterated that the Federal Reserve is committed to guaranteeing the nation’s economic recovery.
