Coronavirus and measures taken to control its spread are directing the path of the economy.
This is what Federal Reserve Chairman Jerome Powell told a Senate committee.
Powell says a resurgence in COVID cases, hospitalizations and deaths has caused great hardships for millions of Americans and affected economic activity and job creation. He explains the economic recovery remains uneven and far from complete as the path is highly uncertain.
According to Powell, the housing sector has more than fully recovered from the downturn while business investment and manufacturing production have also picked up.
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