Powell says economy faces risk of downward spiral

Jerome Powell
Jerome Powell

A “prolonged slowing” in the pace of recovery from the Covid-19 economic shock could set off a downward spiral of “recessionary dynamics”, Federal Reserve chair Jerome Powell said on October 6.

“The expansion is still far from complete,” Powell told the National Association for Business Economics. “At this early stage, I would argue that the risks of policy intervention are still asymmetric.”

Too little support would create “unnecessary hardship” for households and businesses, causing

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