Worst economy in history, says Fed Chairman Jerome Powell. "We are going to see economic data for the second quarter that is worse than any data we have seen for the economy," Powell said #coronavirus #economy
#Economy could begin to bounce back significantly in 3Q as businesses reopen, says Fed Chair Powell, adding while we won't go back to pre-#coronavirus levels for quite some time, 3Q could provide some economic relief.
Powell also noted that unemployment shot higher for people of color -- much faster than it has for white Americans. Just a few months ago, the US labor market was the best-ever for #POC, Powell noted. Now, minorities are among the first to lose their jobs.
Fed Chair Powell noted that people "who are least able to bear it have been the first to lose their jobs, and they have little cushion to protect themselves.
"That is a very big concern," Powell said. #coronavirus #economy
"That is a very big concern," Powell said. #coronavirus #economy
