Updating Senators on the U.S. economy, Federal Reserve Chairman Jerome Powell said Tuesday that any economic rebound from the damage caused by the Coronavirus will basically be dependent on the ability of Americans to rein in the virus outbreak.
"Until the public is confident that the disease is contained, a full recovery is unlikely," Powell told the Senate Banking Committee, as he warned about the possibility of lasting damage to workers and the nation.
"Moreover, the longer the downturn lasts, the greater the potential for longer-term damage from permanent job loss and business closures," Powell added.
While Powell noted a better than expected jobs report in May, he emphasized that 'significant uncertainty remains about the timing and strength of the recovery.'
"Much of that economic uncertainty comes from uncertainty about the path of the disease and the effects of measures to contain it," Powell testified.