Your Almost Daily Bit of Wall Street Wit & Wisdom

Federal Reserve

Marriner S. Eccles Building, h/t federalreserve.gov

“The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II. We are seeing a severe decline in economic activity and in employment, and already the job gains of the past decade have been erased. Since the pandemic arrived in force just two months ago, more than 20 million people have lost their jobs. A Fed survey being released tomorrow reflects findings similar to many others: 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. This reversal of economic fortune has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future.”
— Fed Chair Jerome H. Powell, Speech on Current Economic Issues

Leave a Reply

Your email address will not be published. Required fields are marked *