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Post-pandemic era Jerome Powell is perhaps the most important man in the US economic response to coronavirus. Here are 10 key quotes about the crisis from the Fed chief.


Post-Pandemic Era

Post-pandemic era Jerome Powell is perhaps the most important man in the US economic response to coronavirus. Here are 10 key quotes about the crisis from the Fed chief.

Jose Luis Magana/APUS Federal Reserve chief Jerome Powell expects key economic indicators to hit their bleakest levels since the 1930s, but does not expect a drawn out slump like the Great Depression.The Fed chief’s recent comments on rapid government relief and central bank aid shook markets as he warned of a bumpy recovery in store…

Post-pandemic era

Jose Luis Magana/AP

  • US Federal Reserve chief Jerome Powell expects key economic indicators to hit their bleakest levels since the 1930s, but does not expect a drawn out slump like the Great Depression.
  • The Fed chief’s recent comments on rapid government relief and central bank aid shook markets as he warned of a bumpy recovery in store for the US economy.
  • Here are 10 of his recent key quotes on the significance and impact of the coronavirus crisis.
  • Visit Business Insider’s homepage for more stories.

As chair of the Federal Reserve, Jerome Powell is – alongside Treasury Secretary Steven Mnuchin – perhaps the most important person in the US economic response to the coronavirus pandemic.

In the months since the crisis struck the US, Powell has not been afraid to deliver bad news to financial markets, notably warning that the economic hammering spawned by the coronavirus pandemic could last until late 2021.

His comments shook Wall Street as markets slid after investors looked to Powell’s speech for indications as to what measures the central bank may take to further prop the economy.

While he sees key economic indicators hitting their bleakest levels since the 1930s, he does not expect the US economy to slide into a depression, and instead expects a slow rebound in the second half of the year.

Having already implemented a host of lending programs, capital injections, and rate cuts to build upon liquidity and keep companies afloat, Powell went further by saying the Fed is “not out of ammunition by a long shot.”

Powell has won praise for his clear, uncomplicated speeches and media appearances, and for telling it as it is, so Markets Insider has rounded up some of his key quotes from recent months. Check them out below:



“In the long run, and even in the medium run, you wouldn’t want to bet against the American economy. This economy will recover. And that means people will go back to work. Unemployment will get back down.”

Associated Press

Source: CBS’ “60 Minutes” Interview



“There is no precedent in post-World War II American history that’s even close to what Congress has done. They have passed $3 trillion in stimulus, which is 14% of GDP. It is vastly larger than anything they’ve ever done.”

Associated Press

Source: CBS’ “60 Minutes” Interview



“Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery. This tradeoff is one for our elected representatives, who wield powers of taxation and spending.”

Reuters

Source: Federal Reserve Speech, May 13



“The United States is the world’s reserve currency. The dollar is the world’s reserve currency. And we have the ability to borrow at low rates. We have the ability to service that debt.”

Reuters

Source: CBS’ “60 Minutes” Interview



“We have lowered interest rates to near zero in order to bring down borrowing costs. We have also committed to keeping rates at this low level until we are confident that the economy has weathered the storm.”

Associated Press

Source: Federal Reserve Speech, April 9



“Recall that the Fed has lending powers, not spending powers. A loan from a Fed facility can provide a bridge across temporary interruptions to liquidity, and those loans will help many borrowers get through the current crisis.”

Reuters

Source: Federal Reserve Speech, May 13



“Longer and deeper recessions tend to leave behind damage to people’s careers. And that weighs on the economy going forward.”

Reuters

Source: CBS’ “60 Minutes” Interview

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“After the last financial crisis, the banks more than doubled their capital and liquidity and they’re far more aware and better at managing the risks they’re taking.”

Reuters

Source: CBS’ “60 Minutes” Interview



“The time to get on a sustainable fiscal path, which really just means that the economy is growing faster than the debt, and that means you’ve got to control the growth of the debt — the time to do that is when the economy is strong.”

Reuters

Source: CBS’ “60 Minutes” Interview


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