Federal Reserve Chairman Jerome Powell, ever the careful wordsmith, called on lawmakers to get with the program and spend more money to stimulate the US economy.
"The initial response from fiscal authorities was rapid. It was forceful and pretty effective," Powell said.
We're seeing the results of that in the rapid economic recovery. But the recovery is slowing.
"That said, my sense is that more fiscal support is likely to be needed," Powell said. "Of course, the details for that are for Congress, not for the Fed, but I would just say there are still roughly 11 million people still out of work due to the pandemic and a good part of those people were working in industries that are likely to struggle."
If Congress and the Trump administration fail to act, Powell essentially predicted the stock market would crash.
"Just about all -- the overwhelming majority -- of private forecasters who project an ongoing recovery are assuming there will be a substantial additional fiscal support," Powell said.