Fed’s Powell: Lack of further stimulus imperils recovery

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell warned Tuesday that while strong financial support from the government and the Fed have spurred a solid recovery from the pandemic recession, the rebound may falter without further aid. Powell said that government support — including expanded unemployment insurance payments, direct payments to most U.S. households, and financial support for small businesses — has so far prevented a recessionary “downward spiral” in which job losses reduce spending, forcing businesses to cut even more jobs.