Federal Reserve Chairman Jerome Powell warned of potentially tragic economic consequences if Congress and the White House don’t provide additional support to households and businesses disrupted by the coronavirus pandemic. “The expansion is still far from complete,” Mr. Powell said in his strongest remarks to date on the subject, delivered to a virtual conference of private-sector economists Tuesday. “At this early stage, I would argue that the risks of policy intervention are still asymmetric. Too little support would lead to a weak recovery, creating unnecessary hardship.”By contrast, the risks of providing too generous relief are smaller, he said. Mr. Trump said the economy was doing well without additional spending and that he would revisit any talks next month.

Source: Wall Street Journal October 06, 2020 14:37 UTC