Kevin Hassett, Chairman of the Council of Economic Advisers, speaks during a briefing at the White House in Washington, DC, on September 10, 2018.
Nicholas Kamm | AFP | Getty Images
White House senior advisor Kevin Hassett told CNBC on Monday he disagreed with Federal Reserve Chairman Jerome Powell’s thoughts on how long it will take the U.S. economy to recover from the coronavirus-related damage.
“I think definitely you’re looking at a very strong third quarter, a very strong fourth quarter and probably a great next year,” Hassett said on “Squawk Box.” “So I guess I disagree that it’s going to take all the way through the end of 2021 with Jay.”
Powell, in a “60 Minutes” interview that aired Sunday, said he believes the U.S. economy will ultimately recover, but stressed that there is much uncertainty around how long it will take to happen. He also said a vaccine for Covid-19 may be needed to have a full recovery.
“We’ll get through this. It may take a while. It may take a period of time. It could stretch through the end of next year. We really don’t know. We hope that it will be shorter than that, but no one really knows,” Powell said.
The fallout from the coronavirus — and state stay-at-home orders and business closures put in place to slow the spread — have caused significant damage to the U.S. economy.
Hassett said he feels the economy is already starting to recover. “The question is not really, when does the recovery start, because absent a second wave of the disease, it’s kind of already begun.”