US Economic Chiefs Paint Bleak COVID Picture

Posted on May 19, 2020 7:28 am

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U.S. Federal Reserve Chair Jerome Powell and Treasury chief Steven Mnuchin are painting a bleak picture of the economic devastation the coronavirus pandemic has wrought on the country, but they hold out hope that a raft of loans and assistance to families and businesses will provide relief in the coming months. 

Both are testifying Tuesday remotely before he Senate Banking Committee.   

Powell said in prepared remarks that the pandemic has caused “a level of pain that is hard to capture in words. 

“All of us are affected, but the burdens are falling most heavily on those least able to carry them,” he