Powell Says Fed Will Provide Nearly Unlimited Funding

WASHINGTON (AP) — Jerome Powell says the Federal Reserve would provide essentially unlimited lending to support the economy as long as it is damaged by the viral outbreak.

In an interview Thursday morning on NBC's “Today” show, the Fed chair said the bank's efforts are focused on helping the economy recover quickly once the threat from the virus has passed.

Powell also acknowledged that the economy “may well be” in a recession, but said that this is a unique downturn in that it was caused by efforts to control the disease.

The economy itself was strong before the outbreak began, he said.