Economy / Donald Trump

Fed's Powell hopeful US economy can return to 'more normal conditions' later in 2021

Posted On: Mar 7, 2021   |   Posted By: Business Insider

Fed's Powell hopeful US economy can return to 'more normal conditions' later in 2021

Summary List Placement Encouraging trends are lifting hopes that the US can make strides toward pre-pandemic normalcy later this year, Federal Reserve Chair Jerome Powell said Tuesday.
Data suggests the US is clearing the deadliest wave of the pandemic yet. Daily case counts are the lowest since October and hospitalizations have more than halved from their early January highs. The country's rate of vaccination, while down from its peak, remains well above the Biden administration's 1-million-doses-per-day target.
The falling cases and vaccine distribution "offer hope for a return to more normal conditions later this year," Powell said while testifying to the Senate Banking Committee on Tuesday.
The bullish statement is among the Fed chair's most positive since the pandemic rocked the economy in spring 2020. Separately, central bank officials said during a January meeting that their medium-term outlook toward economic recovery had improved due to the $900 billion stimulus package passed by Donald Trump in...

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