Fed Chairman Jeremy Powell Said Reopening Of Economy In May Might Be A False Start

When it comes to the chairman of Feds and the president of the United States of America, Donald Trump, these two shares quite different opinions of each other’s policies. Even though the current situation in the US because of the coronavirus outbreak is not right, the Trump administration is thinking of reopening the economy in May. In a recent interview, Jeremy Powell stated that opening the economy in May might be a disastrous idea. He mentioned the disadvantages the reopening of the economy might bring if it’s being implemented without any proper planning.

He gave the statement mentioned above in a video conference in which he was inclined towards not reopening the economy quickly. He said how a proper plan is required when it comes to saving the nation economically from disaster situations like the Coronavirus outbreak. Jeremy Powell said that everyone wants to restart the country like it was before quickly, but that is not going to solve the current problem. The rise in the number of cases of Coronavirus indicates only one thing that we are still lagging behind many powerful countries in terms of implementing lockdown or following the right procedures.

Feds chief thinks that the reopening of partial economics is also an unfortunate thing because it will also increase the number of coronavirus patients across America. Since many people are working from home and the government can give them the right payment to survive for more than three months. The reopening of the economy may not sound a good idea. The Fed recently announced 2.3 trillion dollars of economic aid for ordinary American citizens. This will help many people who are struggling to pay their loans and not struggling with finances crucially.