Federal Reserve Board Chairman Jerome Powell speaks during his news conference after a Federal Open Market Committee meeting in Washington, U.S., December 19, 2018. REUTERS/Yuri Gripas
Federal Reserve Chairman Jerome Powell said that while economic fundamentals are still strong, the coronavirus poses an evolving economic risk.
Powell said in a statement, “The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy.”
The Fed chairman’s statement is the opposite of what the Trump White House has been pushing. White House chief of staff Mick Mulvaney compared the coronavirus to a hoax and said that the media is using it to bring down Trump.
Powell’s statement reflected a realistic approach that has been invisible in the Trump response. The US is not currently in the middle of an outbreak or pandemic so the fundamentals of the economy are still strong, but that does not mean that the coronavirus can’t or won’t have an impact on the economy as it spreads.
The Fed statement didn’t follow the White House line. Everything is not fine, and under control, as Trump claims, and the only panic is coming from the administration because they can’t stop the stock market slide.
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