The richest got even richer this year while the poorest struggled even more.
The U.S. economy still faces threats, and without further support, those downward trends could still emerge, the Fed chairman said.
What could possibly go wrong?
"You really can’t put into words the pain people are feeling," Chairman Jerome Powell told "60 Minutes."
The U.S. debt is a more pressing concern for the GOP than bucking up a tanking economy in which 36 million people have lost jobs.
Jerome Powell's performance as head of the Federal Reserve has improved, the president said, but stressed he still disagrees with him on lending rates.
Jerome Powell cautioned that longstanding recessions could "weigh on growth for years to come" and urged Congress and the White House to act.
The shape of the economic recovery will depend on the central bank.
Thank President Trump and Democratic leaders in Congress.
Jerome Powell advised that resuming economic activity should come once "we get the spread of the virus under control."