Fed’s Powell says coronavirus recession with no precedent

Federal Reserve Chairman Jerome Powell views the pandemic-induced recession as one of the sharpest and shortest downturns in history. Powell also indicated that the subsequent recovery is unprecedented.
Speaking to representatives from a range of sectors, Powell acknowledged the various disruptions that COVID-19 has caused for businesses over the past 18 months, including changed workplaces with safety protocols that are still unclear to fundamental shifts in how certain industries operate uncertain business outlooks and transformed consumer behavior.
Powell’s comments come two days after policymakers at the U.S. central bank signaled they could soon start slowing their aggressive bond-buying program, the first step that policymakers will take to dialing back pandemic-era support for the economy.
If the economy continues making progress toward the U.S. central bank’s goals on inflation and employment, the committee judges that a moderation in the pace of asset purchases may soon be announced.