"If this is a slow recovery, the way I think it is," Kashkari said, "there are going to be a lot of families that are going to need direct financial assistance."
"Additional fiscal support could be costly," Powell continued, "but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery."
"We should prepare for the worst-case scenario," Neel Kashkari cautioned.
"Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," Federal Reserve Chairman Jerome Powell said in a statement.
The former chair of the Federal Reserve made the suggestion during a conference call with House Democrats on how the coronavirus pandemic is hurting the economy.
"There should have been a pandemic playbook," Dimon wrote in a letter to shareholders, noting that the U.S. was not prepared for the crisis.
The global economy is also on course for its worst year since the end of the Second World War, Capital Economics said.
The U.S. Federal Reserve analysts said the unemployment rate may soar past 32 percent and the coronavirus freeze on the economy could cost 47 million Americans their jobs.
Jerome Powell said in a rare interview he believed there could be a "good rebound" on the back of the economy's pandemic-related decline.
"Because people start getting sick, the hospitals get overflowing and then people will isolate themselves," Ben Bernanke explained.
Prior to the pandemic, the U.S. was already expecting a budget deficit of about $1 trillion for the current fiscal year.
Steve Mnuchin laid out how Americans are likely set to receive more than $2 trillion in economic stimulus funds that the federal government is dispersing as a "bridge to get through" coronavirus shutdowns.
Millions of households are braced for a sudden loss of income as President Donald Trump admits that there "may be" a recession because of the coronavirus pandemic.
The central bank also urged banks to supply credit to the economy through the elimination of reserve requirements.
The U.S. Federal Reserve cut interest rates by a half percentage point Tuesday morning as a means of pushing back against a recent downturn tied to the coronavirus illness—and not from Trump's pressure, Chairman Jerome Powell said.
The Federal Reserve study said tit-for-tat tariffs resulted in reduced competitiveness and higher costs for industry.
From the first public impeachment hearings to the midnight cut off for this month's Democratic debate, this is going to be a big day.
The conservative BlazeTV host, who has made predictions of economic doom before, claimed the Fed is "printing money to bail out the banks again."
President Donald Trump has pointed the finger at the Federal Reserve amid talk of a recession, but voters are looking at him.
"Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!" Trump Tweeted
"Through the course of the year, weak global growth, trade policy uncertainty and muted inflation have prompted the [Federal Open Market Committee] to adjust its assessment of the appropriate path of interest rates," Fed Chair Jerome Powell said.
"The global economy has weakened. I think partly it's because of conflicts over trade and the uncertainty that's caused for businesses," Yellen said.
The last time the Fed cut rates, the economy was plunging into recession, Uber and Lyft hadn't been launched and the first iPad hadn't been released.
The lawmakers are skeptical of why the financial institution failed to report suspicious banking activity associated with accounts of the president and his son-in-law to federal authorities.
Herman Cain, who President Donald Trump recently recommended for a seat on the Federal Reserve board, said God will "figure out" when the U.S. should stop relying on fossil fuel energy.
Trump wants to install "people that will do exactly what he tells them to do," Oliver said.