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Fed officials have repeatedly declared a V-shaped economic recovery, but warned that it will take a long time to see so.
"My forecast is a couple of difficult months," said New York Fed President John Williams on Thursday. According to Williams, the US economy will see some recovery in the second half of 2020.
In a separate webcast, Fed Vice Chairman Richard Clarida expressed mixed thoughts on the recovery. According to him, the US economy recovering in the second quarter of 2020 is possible, but activity will return to pre-crisis level only after all enterprises are opened.
Both Williams and Clarida committed themselves to maintaining interest rates at a level close to zero.
Meanwhile, Powell reiterated his concern that low-income households are among the most vulnerable. Fed studies show that 39% of households earning less than $ 40,000 a year lost their jobs in March.
Fed officials hope that low interest rates and asset purchases will lead to a quick recovery in the US economy. But supposedly in the absence of a vaccine, the Fed emphasized that the pace of recovery is extremely uncertain.
The next Fed statement will take place on June 9 and 10, to which the Fed is expected to offer an updated set of economic forecasts.
Powell also quoted John Kenneth Galbraith on Thursday, jokingly saying that "this economic forecasting makes astrology worthy of respect."
For several months after the crisis in the US, Powell remains unafraid, even when reporting an economic downturn that could continue until the end of 2021.
Despite the fact that the main economic indicators have reached the darkest levels, Jerome Powell still hopes that the US economy will not slide into depression, and in the second half of the year, will gradually recover.
Powell already implemented programs such as lending, capital injections and rate cuts to increase liquidity and keep companies afloat. He said that the Fed "has not run out of ammunition to fight the economic recovery."
Powell was also praised for his clear, uncomplicated speeches and appearances in the media, as well as for telling the people everything as it is.
Some of his quotes include: "In the long run, and even in the medium term, we will not want to bet against the US economy, as it would recover, which means that people will be able return to work." Also, "the United States and the dollar are the world's reserve currency. We possess the opportunity to take loans at low rates, and we have the opportunity to pay this debt."
Such news rose the dollar against gold, which fell sharply on Thursday:
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