US facing new challenges as Covid cases surge – Powell

Jerome Powell gives testimony
Federal Reserve

The US economy is showing signs of recovery as the lockdown eases, but surging numbers of Covid-19 cases carry new risks for public confidence, Federal Reserve chair Jerome Powell told lawmakers.

The US has entered an “important new phase” of the recovery and has done so sooner than Fed policy-makers expected, Powell said, while testifying alongside Treasury secretary Steven Mnuchin to Congress on June 30.

Powell highlighted that more businesses are beginning to open their doors, and hiring

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