Economics

Powell Voices Worry About Long-Term Economic Damage From Virus

Fed chairman urges Congress to do more to aid battered economy
Powell stresses the Fed is in no hurry to raise interest rates

Watch: Federal Reserve Chairman Jerome Powell speaks in a video news conference about the decision by the Fed's policy-setting Federal Open Market Committee to leave rates unchanged and continue buying bonds. (Source: Bloomberg)

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By Rich Miller

April 29, 2020 at 11:36 PM UTC

Updated on

April 30, 2020 at 6:08 AM UTC

This article is for subscribers only.

Federal Reserve Chairman Jerome Powell voiced concern that the coronavirus crisis could leave permanent scars on the U.S. economy and said policy makers of all stripes needed to do more to limit the damage.

In a sober 48-minute teleconference with reporters after the Fed left interest rates pinned near zero, Powell suggested that the economic battle against the virus would be far from over even if a recovery begins in the third quarter from the deepest recession since the Great Depression.