Eco News is Upbeat Amid Growing Virus Concerns

Economic releases continue to take a backseat to the recent spike in new coronavirus cases. Yesterday, Anne Schuchat, director of the CDC, said the virus is now spreading too fast and too far in the U.S. to be controlled. Federal Reserve Chairman Jay Powell, testifying before the House Financial Services Committee on the economy and monetary policy, acknowledged the recovery began sooner than expected, but the outlook is “extraordinarily uncertain and will depend in large part on our success in containing the virus.” Powell also said “a full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities.” Also yesterday, infectious disease expert Dr. Tony Fauci told a Senate panel he was “very concerned” about the direction of the spread and warned that if Americans did not take precautions new cases could rise to 100,000 a day.

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