US economy may be in recession amid coronavirus pandemic: Fed Chairman

Distinguishing from President Trump’s aspiration of US returning to normal life by Easter, The Federal Reserve Chairman Jerome Powell claimed that the US may already be in recession and warned that the time for lifting societal restrictions that have squashed the economy would be dictated by the coronavirus outbreak.

In a television interview Powell said that, “We are not an expert in pandemics over here, we want to listen to the [health] experts.”

The only individual Powell referred to during his interview was not the President or any of his political aides, but Dr Anthony Fauci, the nation’s top infectious disease expert and the leading public health figure on the White House coronavirus taskforce.

Asked if an economic recession was inevitable or, indeed, already under way, he said: “We may well be in a recession,” while emphasizing that the downturn came on the back of an exceptionally, fundamentally strong economy.

“The virus is going to dictate the timetable,” he said.

His closing message was a plea and a note of encouragement to the public.

“We have asked people to step back from economic activity for the public good. The Fed is working hard to support you now.”