Economy

Powell warns of ‘significant uncertainty’ about the recovery and says small businesses are at risk

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Federal Reserve Chairman Jerome Powell warned Tuesday about “significant uncertainty” regarding the pace of the U.S. economic recovery and said small businesses and lower-income and minority Americans are particularly at risk.

During the first day of his semiannual testimony before Congress, Powell told the Senate Banking Committee that while some indicators have shown improvement, there’s still a long way to go as the economy regains its footing from the coronavirus pandemic.

“The levels of output and employment remain far below their pre-pandemic levels, and significant uncertainty remains about the timing and strength of the recovery,” he said in prepared remarks. “Much of that economic…



Source cnbc.com

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