Fed head Powell said now is not the time to worry about the public debt issue. He spoke about this during presentation via video link at the Economic Club of New York.

According to him, the United States is now still very far from taking into account the ability of the federal government to finance itself in its policy. It is stated that recently, the US budget deficit and national debt have increased sharply due to the fact that the country’s authorities have adopted large-scale packages of measures to support the economy against the background of the coronavirus pandemic.

Earlier, the US Department of Commerce reported that US GDP fell 3.5 percent last year. It is the worst record since World War II. The country’s economy experienced a substantial declines for the first time since the global financial crisis in 2008, when GDP fell by 2.5 percent.