Fed chair warns of ‘tragic’ consequences without further Covid relief

Jerome Powell says risk of providing too little support outweighs risk of providing too much

Failure to provide more support for households and businesses hit by the coronavirus pandemic could have “tragic” economic consequences, the Federal Reserve chair, Jerome Powell, warned on Tuesday.

As Congress remains gridlocked over a new round of stimulus in the wake of the coronavirus recession, Powell warned: “The expansion is still far from complete.”

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