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We're never going back to the old economy, Fed Chairman says

November 17, 2020. Summarized by summa-bot.

WASHINGTON, DC - SEPTEMBER 24: Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on September 24, 2020 in Washington, DC. The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed in response to the economic fallout of the COVID-19 pandemic in the United States. (Photo by Toni L. Sandys-Pool/Getty Images)

Federal Reserve Chairman Jerome Powell doubled down on his remarks that the economy as we know it is over during a virtual appearance Tuesday at the Bay Area Council Business Hall of Fame Awards Ceremony.

"We're not going back to the same economy, we're going back to a different economy," Powell said, echoing comments he made at the European Central Bank's Forum on Central Banking last week.

The pandemic has accelerated ongoing trends, including the increasing use of technology, automation and telework, Powell said last Thursday.

On Tuesday, Powell also reiterated that people in lower-income jobs hadn't recovered as much as others and that workers in the services industry might need more help going forward.

"The recovery is incomplete," he said, warning of near-term risks surrounding the resurgence of Covid-19 infections.

The central banker has repeatedly said that more fiscal and monetary stimulus was likely needed to help with the recovery.

Meanwhile, Powell said it wasn't the right time to worry about the fiscal health of the United States, even as the government is spending trillions to help boost the economy.

"That's the time to really focus," he said.

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