CBS: Fed’s Powell says full economic recovery will likely require Covid-19 vaccine

File picture shows Federal Reserve Chairman Jerome Powell holding a press conference following a two day Federal Open Market Committee policy meeting in Washington, January 30, 2019. — Reuters pic
File picture shows Federal Reserve Chairman Jerome Powell holding a press conference following a two day Federal Open Market Committee policy meeting in Washington, January 30, 2019. — Reuters pic

WASHINGTON, May 17 — Federal Reserve Chairman Jerome Powell said a US economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.

“This economy will recover. It may take a while... It could stretch through the end of next year. We really don’t know,” Powell said in remarks aired on CBS’s Face the Nation as part of a longer pre-recorded interview to be broadcast tonight on the network’s 60 Minutes news show.

“Assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year. For the economy to fully recover people will have to be fully confident and that may have to await the arrival of a vaccine.” — Reuters

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