The New Paper

October 7, 2020

Powell urges further legislation to combat coronavirus impact

Federal Reserve Chair Jerome Powell delivered remarks on the state of the economy and the impact of the ongoing coronavirus outbreak yesterday. Powell noted that the recovery “has progressed more quickly than generally expected,” but that “the expansion is still far from complete.” He also noted that a lack of further policy intervention could lead to a weak recovery and “unnecessary hardship for households and businesses.” The statements come amid ongoing negotiations between US lawmakers for a new coronavirus relief package.

Extra: Meanwhile, comments from President Trump related to the ongoing negotiations received significant attention last night. He initially announced (via tweet) that he had directed his representatives to stop negotiations until after the presidential election, but later suggested that he would be open to legislation that specifically focuses on direct stimulus payments, the Paycheck Protection Program, and support for airlines.

This story is from the October 7, 2020 edition of The New Paper – a clear, concise daily briefing that makes fact-first news easy to consume. Try it today.