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Powell said that around 40% of Americans earning less than $40,000 a year lost a job in March, citing a Fed study set to be published on Thursday.
"This reversal of economic fortune has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future," he said during a webinar.
Powell also called for further economic relief to shore up a battered economy ravaged by the pandemic.
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