November 13, 2020
1 min read

US Fed sees challenge in rising COVID19 cases

US Federal Reserve Chairman Jerome Powell has warned that a record surge in new COVID-19 cases across the country could hinder the recent economic recovery.

“We do see the economy continuing on a solid path of recovery, but the main risk we see to that is the further spread of disease here in the US,” Xinhua news agency quoted Powell as saying during a virtual event held by the European Central Bank.

“With the virus now spreading, the next few months could be challenging,” Powell said, adding the Fed and Congress may need to do more to strengthen the recovery.

While the recent development of the vaccine is “good and welcome news for the medium term”, there are significant uncertainties about “timing production, distribution, and efficacy for different groups”, Powell noted.

“It’s just too soon to assess with any confidence the implications of the news for the path of the economy, especially in the near term,” he said.

Powell’s comments came after the country witnessed another grim milestone on Wednesday as key Covid-19 metrics including the daily case count, seven-day average daily increase and hospitalizations all set new world records.

According to data by the Centre for Disease Control and Prevention (CDC), the US on Thursday registered 143,408 new Covid-19, a record daily increase since the onset of the pandemic in the country.

The new figure took the overall caseload to 10,535,828.

A total of 1,479 deaths from the coronavirus were recorded nationwide on Wednesday, bringing the seven-day average death increase to 1,134, the highest since early August.

The death toll currently stands at 242,654.

Also Read: US won’t restore Iran nuclear deal without changes

Also Read: US election officials dismiss Trump’s claims

Previous Story

Shweta Singh Kirti Urges For ‘Sushant Wali’

Next Story

India Daily Digital – November 13, 2020 – Russia Shifts Support To India at SCO

Latest from -Top News

Bangladesh bends to beat Trump’s blow

Dhaka seeks compromise as Trump’s 35% tariff looms large over key exports; Washington urges worker protections, factory relocation to US…reports Asian Lite News Bangladesh has opened the second round of critical trade

China seethes as US lands F-35s in PH

As US F-35 jets land in the Philippines for the first time, Manila cements its frontline role in Washington’s power play against rising China….reports Asian Lite News The Philippines is rapidly cementing

Mizoram nails SDG goals

Mizoram has emerged as a frontrunner in India’s sustainable development journey, with all 11 of its districts earning ‘Front Runner’ status in the NITI Aayog North Eastern Region SDG Index 2023–24….reports Asian
Go toTop