Like every Fed chief, President Trump’s appointee to the slot, Jerome Powell, is studiously apolitical and circumspect. He often infuriates Trump, who then rage-tweets about him, but I’ve always been satisfied with him. Trump probably is, too, given that he hasn’t told him, “You’re fired.”
Powell did us a service on Sunday speaking to widely watched 60 Minutes and telling us in recognizable language how he sees the economy going. Dollars to donuts, a lot of people watched. He began with the obvious:
SCOTT PELLEY, CBS NEWS / 60 MINUTES: There’s only one question that anyone wants an answer to, and that is: when does the economy recover?
JEROME POWELL, CHAIRMAN OF THE FEDERAL RESERVE: It’s a good question. And very difficult to answer because it really does depend, to a large degree, on what happens with the coronavirus. The sooner we get the virus under control, the sooner businesses can reopen. And more important than that, the sooner people will become confident that they can resume certain kinds of activity. Going out, going to restaurants, traveling, flying on planes, those sorts of things. So that’s really going to tell us when the economy can recover.
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