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Powell speech: Economic activity expected to resume in second half of the year

Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is making a rare TV appearance on Thursday as he speaks in an interview on NBC's Today show.

Key takeaways

"Fed tends to listen to experts, agrees with Fauci that virus will dictate timing."

"We may well be in recession."

"Priority should be to get the virus under control."

"In principle, if the virus is controlled quickly economic activity can resume."

"Sooner we get the virus under control the sooner the recovery can come."

"Economic activity expected to resume in second half of the year."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.

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