Home / World News / Covid-19 crisis: Jerome Powell warns of lasting harm; US stocks slump

Covid-19 crisis: Jerome Powell warns of lasting harm; US stocks slump

The Dow Jones Industrial Average was down 496.84 points, or 2.09 per cent, at 23,267.94, the S&P 500 was down 52.72 points, or 1.84 per cent, at 2,817.40 (at 9:37 pm IST).

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Powell and his colleagues on the policy-setting Federal Open Market Committee have taken dramatic measures to shelter the US economy during the coronavirus pandemic.

Bloomberg Washington

2 min read Last Updated : May 14 2020 | 2:40 AM IST

The US economy faces unprecedented downside risks that could do lasting damage to households and businesses if fiscal and monetary policymakers don’t rise to the challenge, Federal Reserve Chair Jerome Powell said. US stocks fell sharply for the second day on Wednesday after his comment.

The Dow Jones Industrial Average was down 496.84 points, or 2.09 per cent, at 23,267.94, the S&P 500 was down 52.72 points, or 1.84 per cent, at 2,817.40 (at 9:37 pm IST).

“The recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems,” Powell

Topics : Coronavirus Lockdown Jerome Powell US economy US Federal Reserve Donald Trump Global economy US recession US unemployment S&P Dow Jones

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