Powell warns of a possible sustained recession from pandemic

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage. The Fed and Congress have taken far-reaching steps to try to counter what is likely to be a severe downturn resulting from the widespread shutdown of the U.S. economy. But Powell cautioned that numerous bankruptcies among small businesses and extended unemployment for many people remain a serious risk. He spoke a day after House Speaker Nancy Pelosi proposed a $3 trillion aid package that would direct money to state and local governments, households, and health-care workers.