Powell speech: Uncertainty looms large due to coronavirus pandemic

"The path ahead for the US economy is likely to be challenging, it will take time and work," Jerome Powell, Chairman of the Federal Reserve System, said on Friday.

"The uncertainty looms large due to the coronavirus pandemic," Powell reiterated in his remarks delivered at a discussion with local leaders in Youngstown, Ohio, on building a resilient workforce. "The pandemic has exposed a range of troubling inequalities, many long-standing."

"The cruelty of pandemic has been outsized effects of many areas that were already suffering," Powell added.

Market reaction

Wall Street's main indexes pulled away from daily lows but remain in the negative territory. As of writing, the Dow Jones Industrial Average and the S&P 500 were down 0.32% and 0.2%, respectively.