You have reached your limit of subscriber-only articles this month. They’re not in competition with each other,” he said. Powell continues to warn the U.S. economy needs more stimulus to recover from the pandemic. But by Tuesday afternoon, the president had changed course, rejecting Democratic House Speaker Nancy Pelosi's call for an additional $2.4 trillion in aid. Share gift link below with your friends and family. The gift link for this subscriber-only article has expired. Earlier, the Federal Open Market Committee announced it would keep interest rates unchanged at 0 to 0.25 per cent indefinitely, until it was “confident that the economy has weathered recent events”. The US has replaced roughly half of the 22m jobs lost in March and April during the lockdown, and the unemployment rate fell to 7.9% in September, from nearly 15% in April. In-depth analyses and award-winning multimedia content, Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*, Economic activity had picked up at the beginning of May, US dollar teeters, gold takes a breather as markets await Fed, Rise in US jobless claims signal economic reversal with Covid-19 cases resurging, Coronavirus microsite: Get latest updates, videos and graphics, 4 new Covid-19 cases in S'pore, all imported, Global coronavirus cases surpass the 40 million milestone, S'pore, HK agree to set up air travel bubble for leisure travel without quarantine, Australia in travel talks with Singapore, Japan, Korea as coronavirus cases ease, Former Thai PM Thaksin had coronavirus but recovered: Source, Malaysian leaders draw flak after post-election coronavirus jump, Interactive: How the world lost one million lives to Covid-19, Coronavirus super spreaders drove explosive outbreak in India, South Korea's new Covid-19 cases in triple digits again as Chuseok holiday travels begin, Coronavirus: Millions cram into China's airlines as virus torments other carriers, 'Lockdown Lite' is the new strategy for fighting Covid-19. Separately, Fed officials also announced that they would extend their emergency lending programs until the end of the year. "The right thing to do and the smart thing to do is to continue to support those people as they return to their old jobs or find new jobs in different sectors of the economy," Powell added. ", We Insist: A Timeline Of Protest Music In 2020, Stocks Slump After Trump Halts Coronavirus Stimulus Talks Until After Election, Live Updates: Trump Tests Positive For Coronavirus, Trump Halts Coronavirus Relief Talks Until After The Election, Transcript: NPR's Full Interview With Fed Chairman Jerome Powell, 'Desperation And Fear' For Millions With Congress Deadlocked Over Pandemic Assistance, United And American Airlines Tell 32,000 Employees They're Now On Furlough, 'This Is Too Much': Working Moms Are Reaching The Breaking Point During The Pandemic, four times as many women dropped out of the workforce. Last modified on Tue 6 Oct 2020 14.39 EDT. Powell noted that job losses in the service sector have fallen particularly hard on women and minorities. No. Powell was careful to sidestep the political quagmire, or address signs that the US economy is settling into a divergent K-shaped recovery, saying the early fiscal response to the pandemic was “truly extraordinary” and the “most innovative” since the Great Depression. However, most of the aid provided by Congress has expired. “Hotel occupancy rates have flattened out. But recent indicators have shown the economic recovery is starting to slow as infections continue to spread. Over the weekend, Trump seemed eager for additional relief, tweeting, "OUR GREAT USA WANTS & NEEDS STIMULUS.". Download from the Apple App Store or Google Play Store now. Congress passed several relief bills earlier in the pandemic, including the $2.2 trillion CARES Act, which provided for additional unemployment benefits of up to $600 a week for many individuals. © 2020 Guardian News & Media Limited or its affiliated companies. In contrast a prolonged slowdown could exacerbate existing racial and wealth disparities in the economy, which “would be tragic, especially in light of our country’s progress on these issues in the years leading up to the pandemic”, Powell said. Get The Straits Times app and receive breaking news alerts and more.

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