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Notable Quotes (Portions of Fed Statement. Read Full Release Here:
The coronavirus has left a devastating human and economic toll in its wake as it has spread around the globe. Some sectors of the economy have been effectively closed since mid-March. The burden has fallen most heavily on those least able to bear it. The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. Among people who were working in February, almost 40 percent of those in households making less than $40,000 a year had lost a job in March. There was no economy-threatening bubble to pop and no unsustainable boom to bust. The virus is the cause, not the usual suspects—something worth keeping in mind as we respond.
The V-shaped recovery has ended. Considering Federal Reserve Chairman Jerome Powell's Speech and Neel Kashkari, Fed President of the Bank of Minneapolis, we now know "the worst is yet to come." "The result could be an extended period of low productivity growth and stagnant incomes."
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