Remarks by Under Secretary for Domestic Finance Nellie Liang at the Central Bank of Ireland Conference on Macroprudential Policy for Investment Funds marketswired.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketswired.com Daily Mail and Mail on Sunday newspapers.
<p><span>The COVID-19 pandemic and the mitigation efforts put in place to contain it delivered the most severe blow to the U.S. and global economies since the Great Depression.</span><a title="footnote 1" href="https://www.federalreserve.gov/newsevents/speech/clarida20211130a.htm#fn1"><span>1</span></a><a name="f1"></a><span> Gross domestic product (GDP) collapsed at a nearly 33 percent annual rate in the second quarter of 2020. More than 22 million jobs were lost in just the first two months of the crisis, and the unemployment rate rose from a 50-year low of 3.5 percent in February to a postwar peak of almost 15 percent in April 2020. A precipitous decline in aggregate demand pummeled the consumer price level. The resulting disruptions to economic activity significantly tightened financial conditions and impaired the flow of credit to U.S. households and businesses.</span></p>
Cyberattacks And Supply Chain Disruptions econintersect.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from econintersect.com Daily Mail and Mail on Sunday newspapers.
Date
01/03/2021
It has now been one year since the devastating effects of the first wave of the COVID-19 pandemic hit our shores, a year marked by heartbreak and hardship.1 We look forward to a brighter time ahead, when vaccinations are widespread, the recovery is broad based and inclusive, and the economy fully springs back to life. But we should not miss the opportunity to distill lessons from the COVID shock and institute reforms so our system is more resilient and better able to withstand a variety of possible shocks in the future, including those emanating from outside the financial system.