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‘Got a long way to go’: Fed Chair Jerome Powell says it’s too soon to say how much vaccines will lift the economy

Jerome Powell hearing

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Recent progress on developing coronavirus vaccines is “certainly good news,” but the US economy is still far from returning to pre-pandemic levels of activity, Federal Reserve Chair Jerome Powell said Tuesday.

Investors positioned for a sooner-than-expected economic recovery over the past week as data from Moderna and Pfizer and BioNTech’s experimental vaccines showed strong efficiency in preventing COVID-19. The Dow Jones industrial average and S&P 500 closed at record highs on Monday, and investor capital continues to shift into cyclical sectors pegged to the economy.

Yet soaring COVID-19 case counts could derail the details ⇒

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