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Calculated Risk: Fed Chair Powell: Semiannual Monetary Policy Report to the Congress

The initial wave of COVID-19 infections led to a historic contraction in economic activity as a result of both mandatory restrictions and voluntary changes in behavior by households and businesses. The level of gross domestic product (GDP) fell a cumulative 10 percent over the first half of 2020, and the measured unemployment rate spiked to a postโ€“World War II high of 14.8 percent in April. As mandatory restrictions were subsequently relaxed and households and firms adapted to pandemic condit...
United States Jerome Powell Services Indicators Monetary Policy Census Bureau From Fed Chair Jerome Powell

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