Fed's Powell: US moving with alarming speed toward very high unemployment

The United States is moving with alarming speed toward very high unemployment, FOMC Chairman Jerome Powell said in his prepared remarks delivered at an online event hosted by the Brookings Institution on Thursday. However, Powell further noted that high unemployment was expected to remain temporary.

Key takeaways

"Measures to contain coronavirus outbreak are an essential investment in individual, collective health."

"We should do everything we can to provide relief for those suffering for the public good."

"Fed can provide some relief, stability now and use tools to ensure eventual recovery is as vigorous as possible."

"Fed is deploying emergency lending powers to an unprecedented extent, with financial backing from US Congress, Treasury."