European stocks jumped at the open, as data showed new coronavirus cases growing at the slowest rate in months while the head of the Federal Reserve said the U.S. central bank had plenty of ammunition to fight the economic crisis.
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Fed Chair Jerome Powell warns U.S. economy can't recover 'until people feel confident that they're safe''We'll get through this. It may take a while,' Powell said in an interview. 'It could stretch through the end of next year.'
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Asia Pacific stocks set to open mixed; Fed Chair Powell assesses prospects of U.S. economic recoveryU.S. Federal Reserve Chairman Jerome Powell said the economy stateside may need a coronavirus vaccine to fully recover.
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Fed says around 600 smaller banks tapped PPP facility in its first daysAround 600 banks, most of them small community institutions, tapped the Federal Reserve's Paycheck Protection Program facility for about $30 billion of loans as of May 6, the U.S. central bank reported on Saturday in its first detailed disclosure under the new program.
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