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Powell Warns of Uncertainty

Fed Chairman Powell was back in the limelight this week, speaking at the Senate banking committee on Tuesday.

In his testimony to senators, Powell warned that there is “significant uncertainty” in the bank’s outlook for the US economic recovery. He explained:

“Much of that economic uncertainty comes from uncertainty about the path of the disease and the effects of measures to contain it. Until the public is confident that the disease is contained, a full recovery is unlikely.”

COVID-19 Numbers Rising Again

Powell’s comments were particularly pertinent given that some US states have been reporting a steady uptick in new infections. This has come over recent weeks following the lifting of lockdown measures.

Among those reporting new infections, Florida recently reported its largest weekly number since the pandemic began. Elsewhere, Texas also reported its largest daily spike since the pandemic began.

These reports have sparked fears that a fresh outbreak is im...

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