05.18.20 - Among the vast noise of public voices, each vying to be heard over the others, there seems to be a striking lack of a little thing called optimism. Currently the US and global economy as a whole are going through an unprecedented recession as stay-at-home orders have been issued around the world. Enter in Jerome Powell, the current Chairman of the Federal Reserve.
"… I would just say this. In the long run, and even in the medium run, you wouldn't want to bet against the American economy," Powell said in a prime-time interview on CBS’ 60 Minutes.
As businesses and large parts of the economy and industry just completely shut down in March, unemployment has soared at a historically rapid pace. Claims for unemployment have skyrocketed and the federal government has already pushed through a first round of stimulus in the US economy. Many within media and the public eye have seemingly focused a lot of their attention on being prophets of doom as the world has been flipped on its head, but Chairman Powell offered a refreshingly levelheaded take on the current economic situation.
"This economy will recover. And that means people will go back to work. Unemployment will get back down. We'll get through this," Chairman Powell stated.
As analysts await what will surely be a dismal report on the current (2nd) quarter of this year, many seem focused on talk of a second coming Great Depression. Chairman Powell however iterated that he believes the economy should recover in the second half of the year – although stated that consumers will stain remain very cautious for a while as they mentally recover and adjust from the crisis.
Source: CBS
