Federal Reserve Chair Jerome Powell, in a sober review of where the U.S. economy stands on the cusp of its reopening, said on Wednesday the country could face an “extended period” of weak growth and stagnant incomes, pledged to use more Fed power as needed, and issued a call for more fiscal spending. For a central banker who spent part of his career as a deficit hawk and has tried to avoid giving advice to elected officials, the remarks marked an extraordinary nod to the risks the U.S. economy is facing from the combined health and economic crisis brought on by the coronavirus pandemic. The U.S. response to date “has been particularly swift and forceful,” Powell said in a webcast. “But the recovery may take some time to gather momentum,” and be dictated by progress fighting the coronavirus pandemic, he said. The longer those health risks […]