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‘Path to US economic recovery uncertain’
Updated On: 25 February, 2021 11:30 AM IST | Washington | Agencies
United States Federal Reserve Chair Jerome Powell says ongoing vaccinations “offer hope for a return to more normal conditions” later this year
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An 86-year-old woman is being given her first dose of Moderna Coronavirus vaccine at Red Hook Neighborhood Senior Center in Brooklyn borough, New York City. Pic/AFP
US Federal Reserve Chair Jerome Powell told lawmakers on Tuesday that the US economic recovery remains uneven and far from complete, and the path ahead is highly uncertain. “The resurgence in COVID-19 cases, hospitalisations and deaths in recent months is causing great hardship for millions of Americans and is weighing on economic activity and job creation,” Powell said at a virtual hearing before the Senate Banking Committee.
Noting that the weakness concentrated in sectors most adversely affected by the resurgence of the virus, Powell said ongoing vaccinations “offer hope for a return to more normal conditions” later this year, the Xinhua news agency reported. However, the economy remains “a long way” from the central bank’s employment and inflation goals, and it is likely to “take some time” for substantial further progress to be achieved, said the Fed chief.
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