In the testimony before a Senate Committee, Fed Chair Jerome Powell warned “the rise in new COVID-19 cases, both here and abroad, is concerning and could prove challenging for the next few months.” And, “a full economic recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.
New on vaccine is “very positive for the medium term”. But “significant challenges and uncertainties remain, including timing, production and distribution, and efficacy across different groups”. Hence, remains “difficult” to assess the timing and scope of respective economic implications.
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