Fed's Powell: U.S. economic rebound 'can be robust'

U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, in Washington, U.S., March 3, 2020. /Reuters

The U.S. is facing a "truly rare" economic crisis, but it should see a solid recovery once the coronavirus pandemic has passed, Federal Reserve Chairman Jerome Powell said Thursday.

While the economy is moving "with alarming speed" towards a "very high unemployment" rate, once businesses can reopen, "There is every reason to believe that the economic rebound, when it comes, can be robust," Powell said in a speech.

The U.S. central bank has deployed unprecedented emergency efforts to shore up the financial system and pump money into the economy, including new steps announced earlier Thursday.

"We will continue to use these powers forcefully, proactively, and aggressively until we are confident that we are solidly on the road to recovery," he said.

Source(s): AFP