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The president of the US Federal Reserve. USA He feared that the Corona crisis19 is causing a severe economic recession, which could lead to slow growth and a prolonged fall in income.
He said there was room for additional monetary policy, but said he was not considering the “negative interest rate.”
This is a report from Washington correspondent Hong-kyu Yeo.
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Mayor Muriel Bauer of Washington, DC, held a press conference and said he would extend the recall order, which was originally slated to go into effect on the 15th of this month, until the 8th of next month.
[뮤리엘 바우저/워싱턴DC 시장]“We will extend the Washington DC withdrawal order by Monday, June 8.”
Mayor Bauer said the data related to the recent Corona19 outbreak has been encouraging, but that the time is not yet.
Reuters said Mayor Bauer’s announcement came as the White House encouraged economies to resume across the state, while health professionals called for attention from Corona 19.
In the midst of this, Jerome Powell, chairman of the Federal Reserve, said the Corona crisis19 faced an unprecedented recession.
[제롬 파월/美 연방준비제도 의장]“The width and speed of the recession are unprecedented. It is much more serious than any recession since World War II.”
In particular, the current economic recession is caused by a virus, which is different from the existing cyclical economic recession.
[제롬 파월/美 연방준비제도 의장]“The deep and prolonged recession can have a lasting impact on economic production capacity.”
President Powell said the Federal Reserve’s policy response was timely and sufficient, but left room for additional monetary policy and said: “This may not be the last.”
Regarding the negative interest rate, he said: “I know there are people who support the policy.”
“The additional tax costs will be expensive, but it’s worth it if you can avoid long-term economic losses and help a strong economic recovery,” Powell said.
This is Yoo Hong-kyu from MBC News in Washington.
