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Fed Warns of Possible Long-Term Recession, 3 Million More File Jobless Claims

Fed Warns of Possible Long-Term Recession, 3 Million More File Jobless Claims Read Transcript


- Americans are feeling the pinch

and pushing back againstlockdown measures.

In Wisconsin, the state Supreme Court

struck down the governor'sstay-at-home order

ruling he overstepped his authority.

- [Man] We need it badlyjust so that we can get

at least people back up and running.

- [Jenna] And around thecountry, a growing number

of people and local officials

say they won't follow shutdown mandates,

like in Madison County, Illinois.

- Nothin' worse thanwhen you own a business

to work a lot more hours

and make a lot lessmoney or no money at all.

- [Jenna] Officials therevoting to reopen Wednesday,

despite the governor's stay-at-home order.

And President Trumpvisiting Pennsylvania today,

another state where many people

are upset with thegovernor's shutdown rules.

All of this coming aseconomic pain mounts.

Federal Reserve Chair Jerome Powell

warning Wednesday of apossible extended recession.

- The path ahead is both highly uncertain

and subject to significant downside risks.

- [Jenna] Powell making clear his concern

a recession may last long enough

to cause extensive damage to the economy,

making a recovery weaker and slower.

- A prolonged recession and weak recovery

could also discourage businessinvestment and expansion,

further limiting the resurgence of jobs.

- [Jenna] His comments ledto a sharp selloff in stocks.

- I think there's a lot of concern

that a lot of people won't necessarily

go back to their old jobs.

- [Jenna] At the same time,

even as millions ofAmericans are out of work,

many face another problem:

sharply rising pricesat the grocery store,

the biggest in decades,

with fewer people eating out,

leading to a bigger jumpin buying at the store

at a time when many can't afford it.

- If something's gone up a dollar,

I'll either find an alternativeor honestly not purchase it.

- As States reopen, there's concern

about another possiblewave of coronavirus cases.

At the same time, though,Americans are worried

about the economy andtheir personal pocketbooks.

In Washington, Jenna Browder, CBN News.

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