Janet Yellen warns coronavirus-hit US economy could contract 30% next quarter, says unemployment might already be 13%
Yellen said that she was "heartened" by the number of workers in Friday's report who indicated they were out of work only temporarily, she said. In addition, she said that a "V-shaped" recovery is possible, but she's worried that the outcome will be worse.
"I would be in favor of asking banks to suspend dividends and stock buybacks," she said, adding that banks tend to be reluctant to stop both as they worry it will make them look as though they are vulnerable. Still, what's most important is that banks are "able to meet the credit needs of the economy," she said. Something is loading.
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