The economic fallout from the coronavirus pandemic is falling on poorer Americans, Federal Reserve Chairman Jerome Powell said Thursday.
“We are in the midst of an economic downturn without modern precedent,” Powell said, in remarks at the start of a central bank forum for voices outside of Wall Street called “Fed Listens.”
The economic downturn was sudden and severe, erasing all the job gains of the past decade.
“And while the burden is widespread, it has not been evenly spread,” Powell said.
“Those taking the brunt of the fallout are those least able to bear it.”
The Fed chairman said earlier this month that the path…