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- Fed's Chairman Powell: Coronavirus outbreak will have economic effect for "some time"
Fed's Chairman Powell: Coronavirus outbreak will have economic effect for "some time"
- Outbreak has prompted significant moves in financial markets
- Household spending has been key driver of economic growth in past year
- We're beginning to hear about impacts on supply chains
- Overall impacts are highly uncertain
- FOMC judged that risks had changed materially
- In the weeks and months ahead we will continue to closely monitor developments and will act appropriately to support economy
- Over the course of the last couple weeks, we've seen a broader virus spread
- We saw a risk to the outlook for the economy
- I don't think anyone knows how long it will take, but I fully expect we will return to solid growth and a solid labor growth
- The ultimate solutions will come from others
- We're in active discussions with other central bank leaders around the world, they're doing what makes sense in their situations
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