Fed chief says pandemic slowing US recovery

"It looks like the data are pointing to a slowing in the pace of the recovery," Fed Chair Jerome Powell said at a news conference.

WASHINGTON: The surge in U.S. coronavirus cases is beginning to weigh on economic activity, the head of the Federal Reserve said on Wednesday, and he promised the U.S. central bank would "do what we can, and for as long as it takes," to limit damage and boost growth.

"It looks like the data are pointing to a slowing in the pace of the recovery," Fed Chair Jerome Powell said at a news conference, pointing to an apparent pullback by consumers and a slowdown in the rehiring of furloughed workers, particularly by small businesses.