Fed Chairman Jerome Powell: We may well be in a recession

The coronavirus pandemic is putting unprecedented strain on the U.S. economy, Federal Reserve Chairman Jerome Powell said Thursday in an exclusive interview with Savannah Guthrie on the “TODAY” show, noting, “There can be a good rebound on the other side of this.”

“We may well be in a recession,” Powell said, in a rare live interview. “But I would point to the difference between this and a normal recession. There is not anything fundamentally wrong with our economy. Quite the contrary. We are starting from a very strong position.”

“This is a unique situation,” Powell said, when asked if the economy could withstand a monthlong shutdown. “I think people need to understand this is not a typical downturn. People are being asked to close their business, to stay home from work, and to not engage in certain economic activity, and so they are pulling back. At a certain point, we will get the virus under control and confidence will return.”

Full article at NBC News

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