Covid-19 resurgence poses challenges to economic recovery: Jerome Powell
Covid-19 resurgence poses challenges to economic recovery: Jerome Powell

United State’s Federal Reserve Chairman Jerome Powell said that the continuing Covid-19 resurgence across the country could pose challenges to the economic recovery in the next few months. "As we have emphasized throughout the pandemic, the outlook for the economy is extraordinarily uncertain and will depend, in large part, on the success of efforts to keep the virus in check," Fed's website on Monday showed.

"The rise in new Covid-19 cases, both here and abroad, is concerning and could prove challenging for the next few months. A full economic recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities," Powell said.

While recent news on the vaccine front is very positive for the medium term, "significant challenges and uncertainties remain" for now, including timing, production and distribution, and efficacy across different groups. "It remains difficult to assess the timing and scope of the economic implications of these developments with any degree of confidence," Powell noted.

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