Powell Warns Of Sustained Recession

WASHINGTON (AP) – Federal Reserve Chair Jerome Powell said the threat of a prolonged recession remains and urged Congress and the White House to act further to prevent long-term economic damage from the viral outbreak. Both the Fed and Congress have taken dramatic steps to counter the economic downturn resulting from the widespread shutdown of the U.S. economy, Powell said Wednesday. But there still could be widespread bankruptcies among small business and extended unemployment for many.