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Fed’s Powell: More Stimulus Needed For Damaged Economy

The market’s conductor spoke, and when it comes to the Federal Reserve, investors drop everything to hear what the chairman says. Speaking at virtual event at the Peterson Institute of International Economics on Wednesday, Jerome Powell again pushed for the Administration and Congress to open the spigots and spend more money in response to the coronavirus-induced economic downturn the U.S. and to help make sure the Fed’s stimulus is effective.

The extent of the damage became even more apparent a day later when the Labor Dept. said that nearly 3 million workers applied for unemployment benefits last week. The total is now more than 36 million.

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