Tags: Coronavirus | Trump Administration | powell | recession | today | interview

Fed's Powell: 'We May Well Be in a Recession'

By    |   Thursday, 26 March 2020 07:40 AM

Federal Reserve Chairman Jerome Powell says the United States "may well be in a recession," but insists "there's nothing fundamentally wrong with our economy."

In a rare interview on NBC’s “Today” show Thursda, Powell vowed that the central bank will maintain its muscular efforts to support the flow of credit in the U.S. economy as Americans hunker down from the coronavirus pandemic.

“We will keep doing that aggressively and forthrightly, as we have been,” he said. “When it comes to this lending we’re not going to run out of ammunition.”

Over the past three weeks, the U.S. central bank has introduced an unprecedented series of measures pushing it deep into uncharted territory as it seeks to cushion the blow of the coronavirus on financial markets and the U.S. economy.

The steps include massive bond purchases, emergency facilities to bolster credit markets, actions with foreign central banks to ease the supply of dollars worldwide, and programs for lending directly to American businesses.

The appearance on the popular morning show as many Americans are stuck in their homes marks the Fed chief’s first public remarks since he held an unusual Sunday evening press briefing by teleconference on March 15 to announce the central bank had slashed interest rates to almost zero.

Public communication for Fed chairs has for decades been carefully choreographed, given the weight that even subtle signals can carry for investors.

Ben Bernanke, who led the Fed during the financial crisis, made his own rare appearance in a televised interview on CBS’s “60 Minutes” program in March 2009. Former Fed Chairman Alan Greenspan curbed on-the-record interviews with the press after his 1987 appearance on ABC’s “This Week with David Brinkley” caused stocks to drop.

This report contains material from Bloomberg News.

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Federal Reserve Chairman Jerome Powell says the United States "may well be in a recession," but insists "there's nothing fundamentally wrong with our economy."
powell, recession, today, interview
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2020-40-26
Thursday, 26 March 2020 07:40 AM
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