Federal Reserve Chairman Jerome Powell said Thursday that the flood of fiscal and monetary support provided to fight the coronavirus recession could help the U.S. economy recover to its pre-pandemic strength “much sooner than we had feared.”

Powell said during a Thursday virtual interview that the unprecedented amount of stimulus approved by Congress and the White House, along with the Fed’s aggressive intervention, has likely prevented the U.S. from suffering deeper long-term economic damage.

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The Fed chief stressed that the U.S. economy would not fully recover until the raging coronavirus pandemic is under control. Powell, however, said that a rebound to the historically low unemployment seen before COVID-19 derailed the economy could return quicker than many expected when the pandemic hit.

“The thing that we're most focused on is getting back to a strong labor market quickly enough that people's lives can get back to where they want to be,” Powell said. 

“We were in a good place in February of 2020, and we think we can get back there, I would say, much sooner than we had feared.”

The coronavirus pandemic caused the steepest and quickest economic decline in the U.S. since the Great Depression. More than 20 million jobs were wiped out by COVID-19 in March and April, spiking the unemployment rate from a 50-year low of 3.5 percent in February to a post-Depression record of 14.7 percent.