Fed Chair: US economy still has long way to recovery

Federal Reserve Chairman Jerome Powell said on Tuesday the US economy has "a long way to go" in order to reach full recovery, and called the Congress for continued fiscal stimulus to face the coronavirus damages.

 

Powell renewed his call the US lawmakers to continue to provide fiscal and monetary stimulus support to the economy until it is clearly "out of the woods."

 

However, Powell sees progress in job creation, goods consumption levels and business investment.

 

The Fed Chair warned the Congress from stopping the fiscal support, and stressed that such a move could lead to a weak recovery.


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Posted By laraparker : 07 October, 2020
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IHS Markit revealed today that the composite PMI output index fell to 54.4 points in September from 54.6 points in August.   The services PMI fell to 54.6 points in September vs. 55 points in August, but came slightly higher than forecasts of 54.5.   While the manufacturing PMI rose to 53.5 points in September vs. 53.1 in August, beating forecasts of 52.5.

The Japanese yen fell against the US dollar on Wednesday, following Bank of Japan Governor Kuroda's warnings. Kuroda commented on the monetary policy today, and warned that uncertainty about the Japanese economic remained very high. The bank governor stated that the global economy is facing massive challenges due to the coronavirus crisis, in addition to other hurdles, such as the climate change.   However, Kuroda stressed that the world’s third-largest economy after the US and China is likely headed for a moderate recovery.   He stressed that the Bank of Japan "won’t hesitate to take additional easing steps as needed" to ease corporate funding restrictions and to provide support to the economy from this health crisis.   "We will closely monitor the pandemic’s impact on the Japanese economy and markets" Kuroda added.   As of 21:20 GMT, USD/JPY rose 0.3% to 105.9, after hitting a high of 106.1 and a low of 105.6.


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