As the easing of social distancing rules proceeds,"people will come out of their homes, start to spend again, we will see unemployment go down, we will see economic activity pick up," Powell said. "That could be a large increase... It is unlikely it will bring us quickly back to pre-crisis levels."
WASHINGTON: The head of the Federal Reserve on Wednesday dashed lingering hopes for a fast rebound from the coronavirus pandemic, saying the U.S. economy could feel the weight of consumer fear and social distancing for a year or more in a prolonged climb from a deepening hole.
After a two-day policy meeting in which the U.S. central bank kept interest rates near zero and promised to expand emergency programs as needed to help the battered economy, Fed Chair Jerome Powell offered no sanguine words about how fast the country might return - if ever - to the near-record low unemployment and solid growth of just a few weeks ago.
Limited time offer:
Just RM5 per month.
