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"The job is not done. ... We've got to get the pandemic under control so the U.S. economy can reopen," Powell said.

The economy is 'already dead,' and another round of stimulus won't revive it, according to the "contrarian's contrarian."

The pause for foreclosures and for applications for mortgage payment forbearance runs through June 30.

A surge in consumer spending, due to pent-up demand during the pandemic, is expected to give the economy a significant bump later this year.

Congratulations to eBay!

The central bank also said banks shouldn't take that message as a signal that a negative-interest-rate policy is imminent.

"The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic," the FOMC said.

Dan Jaffe, group executive vice president of the Association of National Advertisers in Washington, D.C., discusses the push for national privacy laws, and the obstacles faced by the effort.