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In an interview with NPR, Powell says it may take years before the economy has fully recovered. He says practicing social distancing and wearing masks is essential for the economy to rebound.
The Senate Banking Committee took its first look at spending under the massive CARES Act approved in March. Sen. Elizabeth Warren said more should have been done to keep U.S. workers on the payroll.
Seven U.S. states are now reporting 1,000 or more cases of COVID-19, and experts believe the number of infected people will rise further as testing becomes more available
The Federal Reserve cut its key interest rate to near zero — a dramatic move not seen since the depths of the 2008 financial crisis. President Trump — who has slammed the Fed — praised the move.
The Federal Reserve’s move was unusual, coming between regularly scheduled policy meetings. Officials also left open the possibility of further cuts if the economic damage gets worse.
The Federal Reserve is widely expected to cut interest rates by a quarter percentage point. That could give a lift to the stock market but may not do much to help the economy amid the trade war.
The Trump administration pushed back hard against warnings of an economic slowdown. But the president is also calling on the Federal Reserve to cut interest rates again to help boost growth.
The Federal Reserve chairman is testifying before Congress this week about challenges the economy faces. Stocks rallied in anticipation the central bank will lower interest rates later this month.
There’s an unusual air of suspense surrounding the Federal Reserve’s policy meeting, with the possibility that the central bank could cut rates for the first time in nearly 11 years.