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Fed’s Powell: US nears full reopening to ‘different economy’

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WASHINGTON (AP) -- Federal Reserve Chair Jerome Powell says the U.S. economy is headed toward a strong recovery, though he cautioned not all will immediately benefit.

He cited quickening vaccinations and signs of rapid hiring in a speech Thursday during the virtual spring meetings of the International Monetary Fund and World Bank.

Powell says that many of those out of work will struggle to find new jobs.

He says some industries will likely be smaller than they were before the pandemic, and in other cases, employers are seeking to use technology instead of workers where possible.

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Associated Press

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