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Powell Warns of Pandemic Surge Tempering Vaccine’s Economic Hope

  • Fed chair says vaccine progress is positive for medium term
  • Points to concern about resurgence of virus in U.S., worldwide
Fed Chair Powell Holds Video News Conference Following FOMC Rate Decision
Photographer: Andrew Harrer/Bloomberg
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Federal Reserve Chair Jerome Powell cautioned lawmakers that the U.S. economy remains in a damaged and uncertain state despite progress made in the development of Covid-19 vaccines.

“Recent news on the vaccine front is very positive for the medium term,” Powell said during a hearing Tuesday before the Senate Banking Committee. “For now, significant challenges and uncertainties remain, including timing, production and distribution, and efficacy across different groups.”