Gold Rallies as Fed Chair Jerome Powell Flags of Lasting Economic Damage

May 14, 2020 04:34 PM AEST | By Team Kalkine Media

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The United States Federal Reserve Jerome Powell warned of dire economic consequences if lawmakers do not adopt protective measures on the economic front.

In his recent economic speech, Mr Powell indicated that the magnitude and rapidity of the current downturn are without any modern precedent and it is considered the worst, even more than the recession led by the 2008 Financial Crisis.
Furthermore, the Fed chair mentioned the unprecedented reversal in economic conditions has served a level of pain, which would be inexplicable, while the future remains uncertain.

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