Despite some positive signs recently, "significant uncertainty" remains about the recovery of the U.S. economy from the coronavirus pandemic, Federal Reserve Chair Powell said Tuesday.
Unless consumers feel confident COVID-19 has been defeated, "a full recovery is unlikely," he warned as part of his semi-annual testimony before the Senate.
The central bank chief once again stressed that the Fed would use all of its policy tools available to help ensure the recovery, which he said had inflicted the worst pain on low-income and minority groups.
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