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Powell said the Fed does not believe negative interest rates will be appropriate but said fiscal measures by the government are "critical" to respond to the economic damage/COURTESY

World

Fed’s Powell warns economy will be ‘weak’ in Q2 due to virus

WASHINGTON, United States, Mar 16 – Federal Reserve Chair Jerome Powell warned on Sunday that the US economy is likely to show the impact of the new coronavirus pandemic in the April-June period, with business and manufacturing affected.

Economic activity in the second quarter will be “weak,” however, the chance of recession this year will depend on how soon the pandemic impact can be contained, Powell said in a press conference following the rollout of drastic emergency measures.

Powell said the Fed does not believe negative interest rates will be appropriate but said fiscal measures by the government are “critical” to respond to the economic damage.

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