United States economy will need huge financial support for a while - Federal Reserve
Us economy will need an injection of financial aid to bounce back. This statement was issued by the Federal Reserve's boss, who will speak to the house about the economy.
America needs a huge cash injection to survive
According to a chief in the Federal Reserve, the US economy will need some sort of financial aid before it can go back to its pre-pandemic levels. Federal Reserve chairman Jerome Powell has said that they are making economic policies that will get the economy back on its feet. The rate of bank loans in the US is around $120 billion monthly, and this is done to mitigate the effects of financial hardship on the citizens.
He promises to give the senate peace of his mind when they meet later next week. The state of the US is far from pleasant especially for businesses that have suffered greatly due to the coronavirus pandemic.
The government needs to do more for economic recovery
Though he praised the recent coronavirus efforts in the country which has lowered death rates, he says the government must do more to bring the economy back. According to him
''There is hope now that vaccination efforts are going on all over the country and I hope that before April, a clear positive economic recovery will be paved."
The appearance of the Federal boss is an important milestone that is battling a pandemic. This banking senate hearing which is usually done twice a year will give more clarity to what US businesses should expect.
More is expected when the House and Senate pass the stimulus bill proposed by President Joe Biden to help businesses and their citizens cope with the pandemic, however, the chief said this is a temporary solution and a permanent one is needed. While saying the benefits of funds are needed, he demanded more economic policies to stabilize the fragile economy.