Federal Reserve chairman says economic recovery could take until end of 2021 l ABC News

Jerome Powell explained the latest on how the coronavirus has caused a downturn in the U.S. economy as he looks to a projected economic recovery.

#ABCNews #JeromePowell #Economy #TheFed #Unemployment


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46 thoughts on “Federal Reserve chairman says economic recovery could take until end of 2021 l ABC News

  1. The Fed sets asset prices, not the market. Since 1980s, the Fed has lowered interest rates and since 2008 the Fed has done QE to reward the asset owner class by raising asset prices. These artificially low interest rates and QE have caused the year/generation you were born in to determine whether you are able to own a home and generate wealth . The older generations bought homes for 1-2 times median income and bought stocks at 8 times PE ratios in the 1980s because asset prices were low because Volker set interest rates high. Then these people road the Greenspan, Bernanke, Yellen and Powell puts and became rich as their homes and stock portfolios increased +10% a year. They became rich because they were simply born at the right time . But the asset non-owner underclass (millenials and poor boomers who didn't accumulate assets in 1980s) deal with housing at 8-10 times median income (because wages didn't increase since 1980s), a bubble stock market that only went up because of QE and low interest rates. It is a shame that 99% of people have no idea that monetary policy and not fiscal policy deserves most of the blame. Eventually the asset non-owner underclass will revolt by electing an MMT president, who will inflate away the asset bubbles and make housing affordable again (and cause a depression in the process). Please spread the word so people can understand this and we can have a change in monetary policy.

  2. Trump's legacy is one of death and economic collapse. It didn't have to be this bad if Trump would have led a quick, effective response and setup of testing/contact tracing instead of running his mouth. The "All Talk, No Action President"

  3. Love how the only businesses hurting from all of this are locally owned ones. The little guy. Walmart is still open, all those big name stores and food joints are open. What was the point in shutting down small locally owned places? They get less customers anyway. They make less money in the long run. But because they aren't Walmart, they have to close down because they only sell furniture or clothes and not food. There isn't even a mandatory mask policy on Walmart. So what is the difference between Walmart being open and a bookstore being open?


    When you pray for healing and voices of doubt about Jesus’ willingness to heal come to mind, dismiss them! Jesus wants to heal you!
    Pastor Prince shares that he understands what it is like to have lost a loved one. He shares how before Justin was born, he and Wendy lost a child to miscarriage, and how that was an extremely painful time for them. However, he believes it was not God’s will for the child to die and even at that time, he still preached that God was a God who healed. He and Wendy then prayed and trusted God for a restoration child. Today, his son Justin is a testimony of God’s abundant restoration in his family’s life.
    Would you like to receive healing? Pray and ask God for it, knowing without a doubt that His heart, His will, is to heal you.
    “Wherever He entered, into villages, cities, or the country, they laid the sick in the marketplaces, and begged Him that they might just touch the hem of His garment. And as many as touched Him were made well.”
    — Mark 6:56 NKJV
    “And as many as touched Him were made well” — Many people needed healing for their sicknesses and diseases, but those that came to Jesus and trusted Him for healing were the ones that were made well.
    “how God anointed Jesus of Nazareth with the Holy Spirit and with power, who went about doing good and healing all who were oppressed by the devil, for God was with Him.”
    — Acts 10:38 NKJV
    “healing all” — Whoever comes to Jesus for healing will receive healing for their condition. It is God’s will for you to be in health!


    In the story of the prophet Daniel, who knew the prophecy that Israel’s captivity in Babylon would last 70 years and it was coming to an end, he still prayed for the release of his people (see Dan. 9).
    As believers, we are now in Christ risen, at the Father’s right hand, which is why we can pray and ask God for the blessing we want to see happen.
    Peter asked Jesus to call him to walk on water, and Jesus said: “come.” Now walking on water is not a promise in the Scriptures, but a personal request and Jesus granted it. However, while Peter was walking toward Jesus, his eyes shifted from the Lord to his surroundings—the wind and the waves—and he started sinking. Immediately, Jesus reached out to him and said, “Why did you doubt?” (see Matt. 14:22–33).
    When you take your eyes off Jesus and look at your circumstances, Jesus calls that doubt.
    In this life, we are bound to have challenges, and we are not denying that those problems (e.g. COVID-19, depression) exist, but our reality is found in God’s promises for us.
    Your reality is this: Jesus is above every storm. When you are in the midst of a storm, look to Him, for He is your answer. If you find yourself doubting, simply turn back to Jesus.
    David the psalmist was someone who faced very real challenges, and he talked to God about those fears and troubles he had—but he always ended it in prayer and praise, trusting God to deliver him from harm.
    Joshua and Caleb were among the twelve spies sent out to give a report on the promised land that God had given to them. When the spies returned from their mission, Joshua and Caleb were the only ones who came back with a positive, good report. While the others spoke of the fearsome giants in the land, Joshua and Caleb saw they saw the Lord greater than the giants and they saw the abundant blessings in the land that the Lord had prepared for them.
    Instead of allowing your circumstances to create doubt, choose to stay in faith and place your trust in the Lord, for He will surely answer your prayers.

    God honors you when you ask Him to bless, protect, and provide for you

    Jabez’s story
    Jabez was a man whom the Lord called more honorable than his brothers, yet his entire story is summed up in two verses (1 Chron. 4:9–10). In Hebrew, the name “Jabez” means “sorrow” or “pain.” But Jabez did not let the meaning of his name dictate his destiny. Instead, Jabez prayed a bold prayer to God, asking Him to prosper him. And God answered his prayer.
    “And Jabez was more honourable than his brethren: and his mother called his name Jabez, saying, Because I bare him with sorrow. And Jabez called on the God of Israel, saying, Oh that thou wouldest bless me indeed, and enlarge my coast, and that thine hand might be with me, and that thou wouldest keep me from evil, that it may not grieve me! And God granted him that which he requested.”
    — 1 Chronicles 4:9–10 KJV
    “more honourable than his brethren” — God called Jabez more honorable than his brothers because he prayed for blessing.
    “bless me indeed” — In Hebrew, the word for “bless” is “barak,” and it is used twice in this phrase, which means that Jabez asked God to bless him richly.
    “enlarge my coast” — By praying for this, Jabez was asking the Lord to prosper him.
    “keep me from evil” — Jabez was praying for protection from harm. This resembles the prayer of protection that is found in Psalm 91, showing us that we too can and should pray for God to protect us from evil.
    This simple yet bold prayer of Jabez might seem like a hefty request to some, but it is a prayer that God deems honorable.


    So let’s pray for blessing, prosperity, and protection! For only when you are blessed, then you can be a blessing to others.
    A believer’s life is not without troubles—in fact, we will suffer persecution for His Name’s sake. But we can rejoice and be exceedingly glad, for great is our reward in heaven.
    Health and provision were provided for at the cross, and we know this because Jesus Himself took our infirmities and bore our sicknesses (see Matt. 8:17). Isaiah 53:4–5 also says, “Surely He has borne our griefs and carried our sorrows.”
    God put the word “surely” in Isaiah 53 because He knew that there would be doubt. Health is part of the atoning work of Christ, and Jesus has fulfilled it at the cross for us all.
    Our experiences do not negate God’s Word. When there’s a setback, we can trust God for restoration. He will do it, just like He did it for Pastor Prince’s family when He gave them Justin.
    God wants you to live a good life. Jesus came to give life and life more abundantly (see John 10:10). Let’s lean into His love and believe the goodness of His heart for us to prosper in all things.
    Pray daily, because God wants you to be in a real and living relationship with Him. As you pray, trust God for more so that you can be a channel of blessing to many.


    When you constantly meditate on God’s Word, you will begin to see the promises of God manifest in your life. God’s Word influences and imparts faith to you.
    As you meditate on what the Scriptures promise, your reality will align with the reality of God’s Word.
    Even when naysayers throw questions of doubt about the Bible, never allow what you are unsure about to shake what you are sure about. What you can be sure about is this: Jesus wants you healthy, whole, provided for.
    Back in the days when Jesus went around healing people, nobody who was sick got turned away. Today, you don’t have to “get right” with your spouse, deal with bitterness in your heart, or confess all your sins in order to qualify for healing. Jesus never qualified the people who came to Him with those conditions. He gave grace freely, and He always blessed them despite their background or situation.
    Pastor Prince closes the service by reiterating that God wants us to prosper in all things and be in health, just as our soul continues to prosper. He also adds that we can pray to be good stewards of that prosperity and use it for God’s purposes, and to know that it is God’s will for those who are sick to be made whole.

  5. The SHEEP on the left only believe what their masters tell them…that's why they follow them to the edge of the cliff and then go over…THINK FOR YOURSELF…RESEARCH and find out for yourself. don't listen to ANY leader until you check it out…I was a Dem. but I started to think for myself and with the help of the internet you CAN find the truth…..WHETHER YOU BELIEVE IT IS YOUR RESPONSIBILITY….BUT RESEARCH !

  6. economic recovery for whom? As I see it this pandemic has only made the rich richer while a single parent that may owe child support can't even get help but still want their cut of my daughters money during this pandemic to bail out floating STD tankers. yup, those costly flyovers are doing wonders for me.

  7. President Trump will go down in history as one of the worst Presidents ever. His family name will forever be tarnished and people will have less respect for them more than ever. Wow. You love to see it!

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