This is the best tl;dr I could make, original reduced by 53%. (I'm a bot)
Federal Reserve Chairman Jerome Powell said Wednesday that policymakers may have to use additional weapons to pull the country out of an economic mire that has cost at least 20 million jobs and caused "a level of pain that is hard to capture in words."
"While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks," Powell said in prepared remarks for a webcast event with the Peterson Institute for International Economics.
Powell said the recovery is largely dependent on a number of questions surrounding the virus, such as how long it will take for treatments to arise, whether the end of social distancing will spur new outbreaks and when consumer and business confidence will return.
"The answers to these questions will go a long way toward setting the timing and pace of the economic recovery," he said.
While he indicated the Fed will continue to bring all of its power to bear on stabilizing the economy and financial markets, Powell indicated that the biggest future response may have to come from Congress.
"Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery. This tradeoff is one for our elected representatives, who wield powers of taxation and spending," he said.
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