Fed's Powell says economic forecasts filled with uncertainty

Federal Reserve Chairman Jerome Powell says efforts to forecast the recovery path of the U.S. economy out of the current deep downturn face “a whole new level of uncertainty.” (AP Photo/Susan Walsh/file)
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WASHINGTON (AP) Federal Reserve Chairman Jerome Powell says efforts to forecast the recovery path of the U.S. economy out of the current deep downturn face “a whole new level of uncertainty.”

Powell said in an address to a virtual Fed conference Thursday that not only is there the difficulty predicting how the coronavirus pandemic will play out, it is also unclear how American workers and consumers will react as lockdowns aimed at limiting the spread of the virus are lifted.

He says successfully restarting the economy will depend in large part on the public’s confidence that the loosening of the stay-at-home orders will not trigger a resurgence of the virus.