The U.S. economy will claw its way back from the current downturn but may need a coronavirus vaccine before that is complete, Federal Reserve Chairman Jerome Powell said.
“In the long run and even in the medium run, you wouldn’t want to bet against the American economy. The American economy will recover,” Powell said in an interview with CBS’ “60 Minutes” in an excerpt aired Sunday morning on “Face the Nation.”
However, Powell noted that the recovery likely would depend on how Americans feel about their safety.
“Assuming there’s not a second wave of the coronavirus, I think you’ll see the economy recover steadily through the second half of the year,” the central bank chief said. However, he added that “for the economy to fully recover … that may have to await the arrival of a vaccine.”