Fed Chair Powell says U.S. economy deteriorating with alarming speed

[Yo_Mama_Been_Loggin]

Federal Reserve Chair Jerome H. Powell said Thursday the U.S. economy is in an emergency and is deteriorating “with alarming speed.” His remarks came shortly after the central bank unveiled over $2 trillion in new loans to keep the economy afloat as much of the nation goes into a lockdown to fight the spread of the deadly coronavirus.

“People have been asked to put their lives and livelihoods on hold, at significant economic and personal cost,” Powell said in a Brookings Institution webcast. “We are moving with alarming speed from 50-year lows in unemployment to what will likely be very high, although temporary, levels.”

Powell called for a national discussion about what it will take to reopen the economy, but he urged caution about moving too quickly and triggering another spike in coronavirus cases and deaths. Treasury Secretary Steven Mnuchin has said it’s possible businesses can reopen in May. Powell said sometime after July is more likely.

More than 17 million Americans have filed for unemployment aid in the past four weeks as the nation has entered a national emergency due to the global pandemic, the Labor Department reported Thursday. Powell said the burdens of the shutdown are “falling most heavily on those least able to carry them,” and he vowed to do everything he can to help.

https://www.msn.com/en-us/money/markets/fed-chair-powell-says-us-economy-deteriorating-with-alarming-speed/ar-BB12o0Ak?li=BBnbfcN&ocid=hplocalnews

[gibraltar72]

1. Trump is panicking. He has nothing else.

Full speed ahead on reopening. Blackmail about to begin. Book it.

[Proud Liberal Dem]

2. Then maybe get your boss to do a better job!

i.e. Ramp up testing so that we can start isolating and tracing people instead of forcing everybody to hunker down and close up shop.

[jimfields33]

3. I would imagine it would be

The country is shut down. It would be odd if it was doing well. We’re provaby looking at 10 years till we see pre coronavirus economy again.

[earthside]

4. A "bet more" signal to the Wall Street gamblers.

The Dow up 350 points at 1:30PM MDT.

This shows the incredible disconnect between speculators and the economics of the real world.

[LiberalArkie]

5. I would almost want to bet that he will try to open everything by Easter.

[gratuitous]

6. That's odd

For all the bragging Trump has incessantly done about his fabulous economy, you'd think it would have been a little more robust. Unless, of course, it was jagging on a sugar high from the tax cuts he and his cronies gave their overrich bankrollers. So that when some real economic energy was needed, there was nothing in the tank. The pandemic simply accelerated a bust that Trump was hoping would wait until after November to manifest.

[duforsure]

7. Unless they flood people with a lot more money directly

The economy will not recover well at all, and it'll be down a lot longer. No matter was trump does. trump and the GOP lowered stimulus to the people is casing this now , and will continue.