Federal Reserve Chairman Jerome Powell said Thursday the country could already be in a recession, but that it was unlike a typical downturn because the economy was so strong before the coronavirus pandemic sent the markets into a tailspin and unemployment soaring.
“We may well be in a recession. But I would point to the difference between this and a normal recession. There is nothing fundamentally wrong with our economy. Quite the contrary. We are starting from a very strong position,” Powell told the “Today” show.
Asked about President Trump’s contention that the measures could end by Easter, so that churches could be packed and the economy could begin recovering, the federal reserve chair said the course of the virus should determine when restrictive measures should be eased.
“The virus is going to dictate the timetable,” Powell told host Savannah Guthrie.
“The sooner we get through this period, and get this virus under control, the sooner the recovery can