May 17, 2020 / 3:18 PM / 18 days ago

Fed's Powell says full economic recovery will likely require coronavirus vaccine - CBS

WASHINGTON, May 17 (Reuters) - Federal Reserve Chairman Jerome Powell said a U.S. economic recovery may stretch deep into next year and a full comeback may depend on a coronavirus vaccine.

“This economy will recover. It may take a while...It could stretch through the end of next year. We really don’t know,” Powell said in remarks aired on CBS’s “Face the Nation” as part of a longer prerecorded interview to be broadcast Sunday night on the network’s “60 Minutes” news show.

“Assuming there is not a second wave of the coronavirus, I think you will see the economy recover steadily through the second half of this year. For the economy to fully recover people will have to be fully confident and that may have to await the arrival of a vaccine.” (Reporting by Howard Schneider; Editing by Lisa Shumaker)

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