The former Fed chief says the economy should be in better shape “in a year or two.”
By some estimates, the economy is headed toward its worst quarter in records since 1947.
How long the downturn lasts is “unknowable” because it depends on how the contagion develops, the Fed chairman said.
Should the Fed cut interest rates to zero, and if so, how soon should it act?
Lael Brainard, a Fed governor, called for new strategies to achieve 2% inflation and fight off recessions.
The Fed and other major central banks have their hands tied in a world of historically low interest rates.
The former Treasury secretary wants to hike capital gains taxes and close loopholes and shelters used by the rich.
Powell is again sounding confident that the economy and monetary policy are in a good place.
The Fed governor said that she was comfortable leaving U.S. monetary policy "on hold."
Reforms to minimize investment management costs must be a priority, the report said.