Economics

Powell Says More Action Needed to Shield U.S. Economy From Virus

Fed cautions virus to have substantial impact over medium term
Says health crisis to weigh heavily on economic activity

Watch: Powell speaks about the decision by the Fed's policy-setting FOMC to leave rates unchanged and continue buying bonds.(Source: Bloomberg)

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By Christopher Condon, Craig Torres, and Steve Matthews

April 29, 2020 at 6:00 PM UTC

Updated on

April 29, 2020 at 9:57 PM UTC

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Federal Reserve Chairman Jerome Powell urged lawmakers to deliver more fiscal stimulus to shield the U.S. economy from the coronavirus as he warned of a weak recovery even once the pandemic passes.

“Economic activity will likely drop at an unprecedented rate in the second quarter,” Powell told a video press conference Wednesday. “It may well be the case that the economy will need more support from all of us, if the recovery is to be a robust one.”