Joining TODAY for a rare and exclusive live interview, Jerome Powell, chairman of the Federal Reserve, acknowledges that “we may very well be in a recession, but I would point to the difference between this and a normal recession.” He says “there is nothing fundamentally wrong with our economy” and that the Fed will “aggressively and forthrightly” replace normal lending channels for businesses that have temporarily closed due to the pandemic. He says “there can also be a good rebound” and that the Fed is working to “ensure that it is as vigorous as possible,” adding that “the virus is going to dictate the timetable.”March 26, 2020
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