Federal Reserve Chairman Jerome Powell said Wednesday that the U.S. economy still faces “considerable risks” driven by the coronavirus pandemic and waived off concerns that further fiscal support could boost inflation, The Hill reported. While Powell said that the U.S. economy is ripe for a strong second half, he warned that the pace of COVID-19 vaccinations and the arrivals of new variants still pose serious threats to millions of Americans who are struggling to get by amid the pandemic. “We're a long way from a full recovery,” Powell told reporters during a news conference shortly after the Fed announced it would hold interest rates steady and continue purchasing $120 billion each month in Treasury and mortgage bonds. “Something like 9 million people remain unemployed as a consequence of the pandemic,” he continued, noting a total equal to the peak of the job losses during the Great Recession in 2009. “Many small businesses are under pressure and there are other needs to be addressed, and the path ahead is still pretty uncertain," he added. Powell’s comments come amid growing Republican opposition to President Biden’s push for a $1.9 trillion coronavirus relief and economic aid bill. While Democrats have unified around the measure, Republicans have shown little interest in passing another massive stimulus bill less than a month after former President Trump signed a $900 billion measure.
