Presidents of the United States Federal Reserve System (Fed and Federal Reserve), including Chairman Jerome Powell, were concerned about the possibility of a “slow recovery” in relation to the US economic recovery that was hit by a new type of coronavirus infection (Corona 19).

According to Reuters et al., Powell said in a videoconference with local leaders in Youngstown, Ohio on the subject of "elastic workforce," the US economy recovery "will be challenging in the future."

"We will come back from this (Corona 19) again, but it will take time," said Powell.

It can be seen as repeating the existing position that there is a long way to go for a complete recovery.

"I have lost my life and livelihood (with Corona 19), and uncertainty has come," said Powell.

"I will always bet on the determination and dedication of the American people and our communities we are hearing today," said Powell, confident of recovering the US economy.

Even after attending Congress this week, President Powell was cautious about the pace of economic recovery.

"Some indicators suggest stability in the Senate Bank on the 16th, but production and employment are at a much lower level than before Corona 19," said Powell. "There is great uncertainty about the timing and intensity of recovery."

"The US economy has just begun to recover (from the Corona 19 shock). It's an important phase," said Powell, attending the House Financial Services Commission on the 17th, highlighting the need for continued support for households and businesses.

Federal Reserve Bank President Neal Cashikari said at the Twitter chat event hosted by the US CBS Broadcasting that the economic recovery in the United States could be slower than previously expected by policy officials.

"The economic recovery will take longer than we hoped a few months ago," said Kashikari. "Many jobs will take longer to return."

He also pointed out that if the economic downturn lasts longer, banks will also be hit, and large banks are raising more capital than during the 2008 financial crisis, but not enough, and urged banks to stop paying dividends and increase capital.

At the online event hosted by the Providence Chamber of Commerce of Rhode Island, the continued spread of Corona 19 could hinder the recovery of the economy, said Governor Eric Rosengren of the Federal Reserve Bank of Boston.

"Insufficient inhibition of Corona 19 could lead to a situation where extended shutdowns are needed, which will lead to reduced consumption and investment, and a high unemployment rate," said Rosengren.

He predicted double-digit unemployment at the end of the year and warned the economy to normalize too quickly.

He also emphasized the need for more monetary and fiscal policies.

(Yonhap News, photo = Getty Image Korea)