Federal Reserve chair Jerome Powell sat down with with CBS News' "60 Minutes” in an interview with Scott Pelley on Sunday night.
Powell said the United States can expect a gradual and likely bumpy recovery as lockdowns are lifted during the coronavirus pandemic, adding a full-blown sequel to the Great Depression isn't likely.
Powell did caution: "I think, though, it'll be a while before we really feel well recovered."
The Fed chief said the recovery process could run through to the end of 2021 and added that the only path to a sure recovery will be a vaccine.
"The big thing we have to avoid," said Powell, in an interview with CBS News' "60 Minutes" on Sunday, "is a second wave of the virus."
“For the economy to fully recover people will have to be fully confident, and that may have to await the arrival of a vaccine,” he said.
Without a second wave. the economy will recover steadily through the second half of 2020 after a potential peak jobless rate of up to 25% and dramatic shrinkage of gross domestic product, the Fed chairman said in the interview.
Jim Cramer said in the video above that Powell has made it clear that he will do whatever is necessary for the economy, saying he is very sensitive to unemployment.
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