Powell warns that long downturn would mean severe damage

FEDERAL RESERVE Chairman Jerome Powell said that a long downturn due to COVID-19 would could result in severe damage to the U.S. economy, particularly to small businesses in the country. / AP FILE PHOTO/ JACQUELYN MARTIN
WASHINGTON (AP) – Federal Reserve Chairman Jerome Powell warned Tuesday that the U.S. economy faces a deep downturn with “significant uncertainty” about the timing and strength of a recovery. He cautioned that the longer the recession lasts, the worse the damage that would be inflicted on the job market and businesses. In testimony to Congress,…

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