Federal Reserve Chair Says US Economy Recovery May Begin By Summer If there is not another wave of COVID-19, <br />Jerome Powell says America could start <br />to return in this year's second half. Jerome Powell, via <br />'60 Minutes' He explains that it is because the collapse was <br />not orchestrated by a housing or bank crisis. Powell added that the economy's recovery process <br />will take a longer time than the downturn. According to the Federal Reserve Chair, <br />it could go on through the end of 2021. In only two months, the pandemic has led to <br />36 million seeking unemployment benefits. According to the Associated Press, America's <br />14.7 percent unemployment rate is also expected to rise. Powell says the rate could reach levels <br />not seen since the Great Depression, but <br />adds that banks are in better shape now. For parts of the economy that require <br />groups of people to congregate, Powell <br />notes recovery will be more challenging. In order for normal economic shopping <br />and travel behavior to resume, he <br />explains that a vaccine is needed.
