US economy to recover only when people feel 'safe' from virus: Powell

Washington (AFP) – The US economy will only recover from the coronavirus downturn when people feel safe to resume their normal activities, Federal Reserve Chair Jerome Powell said in remarks released Monday ahead of congressional testimony.The central bank chief is set for three days of testimony before House and Senate committees starting Tuesday on the response to the coronavirus downturn, which has caused tens of millions of job losses and a record plunge in annualized GDP in the second quarter due to business shutdowns to stop the virus’s spread.Though some sectors of the economy, such as …

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HEDGE accordingly