May 17, 2020 - Economy & Business

Fed chair warns U.S. economy may not "fully recover" until there's a vaccine

Federal Reserve chair Jerome Powell said in an excerpt from CBS' "60 Minutes" on Sunday that the U.S. economy may not experience a full recovery until a coronavirus vaccine is available.

The big picture: Earlier Sunday, Health and Human Services Secretary Alex Azar predicted the U.S. will be able to return to some degree of normalcy thanks to "traditional public health tools" and that "everything does not depend on a vaccine."

  • Powell stressed that "for the economy to fully recover, people will have to be fully confident" — and that may not happen without a vaccine.
  • However, Powell added that he's optimistic that the economy will "recover steadily" in the second half of the year, assuming there isn't a second wave of the coronavirus.

President Trump has claimed that the U.S. could have a vaccine by the end of the year, a far more ambitious timeline than most public health experts project.

  • Rick Bright, the former director of a key vaccine agency, testified last week that even a 12- to 18-month timeline is "aggressive" and that the U.S. does not have a plan to distribute a vaccine for the coronavirus in a "fair and equitable manner" when one becomes available.

Go deeper: Powell warns of "lasting" economic damage without more stimulus

Go deeper

Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 5,923,432— Total deaths: 364,836 — Total recoveries — 2,493,434Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 1,745,930 — Total deaths: 102,808 — Total recoveries: 406,446 — Total tested: 16,099,515Map.
  3. Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
  4. 2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
  5. Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
  6. 1 sports thing: NCAA outlines plan to get athletes back to campus.

In photos: Protests intensify across the U.S. over George Floyd's death

Protesters outside the Capitol in Washington, DC, on May 29. Photo: Eric Baradat/AFP via Getty Images

Mass protests in Atlanta, New York City and Washington, D.C., sparked clashes with police on Friday, as demonstrators demanded justice for the death of George Floyd, a black man who died after at least one police officer knelt on his neck on Monday.

The big picture: The officer involved in the killing of Floyd was charged with third-degree murder on Friday, after protests continued in Minneapolis for three days.

Zuckerberg says Trump’s “shooting” tweet didn’t violate Facebook’s rules

Mark Zuckerberg at the 56th Munich Security Conference in Munich, Germany on February 15. Photo: Abdulhamid Hosbas/Anadolu Agency via Getty Images

Facebook did not remove President Trump's threat to send the National Guard to Minneapolis because the company's policy on inciting violence allows discussion on state use of force, CEO Mark Zuckerberg explained in a post on Friday.

The big picture: Zuckerberg's statement comes on the heels of leaked internal criticism from Facebook employees over how the company handled Trump's posts about the Minneapolis protests and his unsubstantiated claims on mail-in ballots — both of which Twitter has now taken action on.