Fed’s Powell warns economic outlook still ‘highly uncertain’

WASHINGTON: The fate of the US economy depends on the course of the pandemic and the Covid-19 vaccine rollout, but the outlook is nonetheless “highly uncertain,” Federal Reserve Chair Jerome Powell said on Wednesday.

“A resurgence in recent months of Covid-19 cases, hospitalisations and deaths is causing great hardship for millions of Americans and weighing on economic activity and job creation,” the central bank chief said.

He said government spending programs have helped support the economy, but the United States needs to recover at least nine million jobs to reach the goal of full employment.

“Overall economic activity remains below its level before the pandemic, and the path ahead remains highly…