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Powell Warns Certain Parts of Economy Will Struggle Without Vaccine

FED

Q: What if no vaccine until well into 2021? Also, what stress scenarios are you running for big banks?

A: Right now, we're learning to go live with COVID and engage in economic activity. All of this recovery we've seen is in a context where people are still at risk of catching it and yet we're able to resume lots and lots of economic activities, via masks etc. But there are areas of the economy that are just going to really struggle until we have a vaccine that's in wide usage or widely trusted.

When we make a forecast, we make assessments about that but it's really hard to say. There is no template here. There's no experience with this. So, frankly, for the last 60 days or so, the economy has recovered faster than expected. Did they continue? Or not? We just need to get those things under control to make sure we can recover as quickly as possible.

On Stress tests, nothing I can publicly say.

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