Powell voices concern about economic damage

More action: A store owner dresses a mannequin in Tennessee as businesses reopen. Fed chair Powell says that now is the time to use the US’ great fiscal power. — AP

ILLINOIS: Federal Reserve (Fed) chairman Jerome Powell voiced concern that the coronavirus crisis could leave permanent scars on the United States economy and said policy makers of all stripes needed to do more to limit the damage.

In a sober 48-minute teleconference with reporters after the Fed left interest rates pinned near zero, Powell suggested that the economic battle against the virus would be far from over even if a recovery begins in the third quarter from the deepest recession since the Great Depression.