Unemployment Rate Could Reach 25%
How do you feel about the current state of the economy?
Politico Reports: Fed’s Powell warns unemployment could reach Depression-level 25 percent
Jerome Powell, the Chair of the Federal Reserve, warned that the US may face an unemployment rate of 25% during COVID-19. These are Great Depression levels of unemployment. While these numbers are massive, Powell believe the US will recover much faster now than during the depression.
“This economy will recover,” he said. “We'll get through this. It may take a while. ... It could stretch through the end of next year. We really don't know.”
The central bank has taken extensive measures to help boost the economy by slashing interest rates to zero, pumping trillions of dollars into the economy, and bailing out many state and city governments.
"There's really no limit to what we can do with these lending programs," Powell said. "There's a lot more we can do to support the economy, and we're committed to doing everything we can as long as we need to."
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