Federal Reserve Chairman Jerome Powell in a rare morning-television appearance Thursday, told Americans the central bank "is working hard to support you now."
The $2 trillion stimulus package passed by the Senate last night will provide immediate relief to workers affected by the shutdown of the economy, Powell said. The Fed's role will be to make sure the eventual recovery is as strong as possible, he added.
Powell said the U.S. economy may already be in a recession, but said he expected economic activity to resume in the second half of the year. He said the central bank would continue to aggressively use its emergency lending powers in all corners of the financial markets where credit is not flowing.
Source : Marketwatch