Economist Warn Lawmakers in DC that Recent Economic News May Be Sending Wrong Signal

Top economists are warning lawmakers not to get transfixed by seemingly rosy data showing the economy finding its legs following the coronavirus pandemic. The recovery remains wobbly — and may get worse as some of the bailout funds expire.

Reports out Tuesday showed retail sales in May and home builder sentiment in June rebounded surprisingly sharply, helping power a stock market rally that pushed the S&P 500 up 2 percent.

But as traders bought on that news, Federal Reserve Chair Jerome Powell was urging senators not to grow complacent. “Significant uncertainty remains about the timing and strength of the recovery,” he said in virtual testimony before the Senate Banking Committee. “Until the public is confident that the disease is contained, a full recovery is unlikely.”

Source: The Finance 202: Top economists want Congress to spend more on coronavirus recovery – The Washington Post


The article was originally published here!

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