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Finance

Fed Chairman Says Economy Faces ‘New Challenges’ from Virus

Federal Reserve Chairman Jerome Powell said the reopening of the U.S. economy—and the accompanying upturn in spending and hiring this spring—has happened sooner than central bank officials expected.

But he said the push to lift restrictions on commercial activity carried other risks, evidenced by recent increases in coronavirus infections and hospitalizations in states across the U.S. South and Southwest.

“We…

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