The head of the U.S. central banking system tells Scott Pelley how high he thinks unemployment will go, what tools the Fed still has to breathe life into the economy and what outcomes he’s trying to avoid on the road to economic recovery.
Federal Reserve Chairman Jerome Powell on the coronavirus-ravaged economy
Source: 60 Minutes
Jerome Powell shook Washington, Wall Street and the world this past week when he warned the pandemic crisis threatens “lasting damage” to American prosperity. As chairman of the Federal Reserve, Powell is among the most powerful people in the economy. He acted swiftly in the sharpest collapse since the Great Depression, but he fears Congress’s initial $3 trillion bailout will not be enough to save a generation from low growth and stagnant incomes. We asked Chairman Powell how high unemployment will go and how long it will take to see a recovery. He spoke to us this past Wednesday, after a blunt speech that gave markets a shove.