Powell's answer continued: - Re the.............>

FED: Powell's answer continued:

- Re the statement/recovery shape: Couple of risks to the economy. How long will

it take to get the virus under control, will there be more outbreaks, will there

be drug treatment/vaccine. And also, what bout long-term damage to productivity

via workers losing touch w the workforce if unemployed for a long time; also

businesses, SMEs going unnecessarily insolvent, could be damaging over time. We

have policies that can address these, but not perfectly. And global economic

downturn will also weigh on the U.S.

- Now we will see significant declines in activity, unemployment etc... The next

phases are more uncertain but soon we will reopen the economy, consumption picks

up, but may take time for people to return to normal spending patterns, and

chances are we won't go back to where they were. May take some time to get back

to normal unemployment and ultimately, maximum employment.