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Fed's Powell: US nears full reopening to 'different economy'

WASHINGTON – The U.S. economy, boosted by quickening vaccinations and signs of rapid hiring, is headed toward a strong recovery, Federal Reserve Chair Jerome Powell said Thursday.

But he he cautioned not all will immediately benefit. “There are a number of factors that are coming together to support a brighter outlook for the U.S.

economy," Powell said during the virtual spring meetings of the International Monetary Fund and World Bank. Those factors are putting the nation “on track to allow a full reopening of the economy fairly soon.” Still, Powell said many Americans who are out of work will struggle to find new jobs because some industries will likely be smaller than they were before the pandemic.

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