Citing the unprecedented speed and scope of the coronavirus-induced economic downturn, Federal Reserve Chair Jerome Powell said Wednesday the central bank may take additional steps to avoid an extended period of low productivity growth and stagnant incomes.
"At the Fed, we will continue to use our tools to their fullest until the crisis has passed and the economic recovery is well under way," Powell said during a webcast hosted by the Peterson Institute for International Economics.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.