Fed's Powell: Recent economic data offer some positive signs

Powell comments in prepared testimony

• Economy has entered important new phase sooner than expected
• Recent economic data offer some positive signs but output and employment far below pre-pandemic levels
• Path forward extraordinarily uncertain, hinges on virus
• Outlook also depends on relief provided by government to support recovery as long as needed
• TALF has extended $252m loans so far
• Repeats pledge to use all of Fed's tools
• Full recovery unlikely until people confident it's safe

There are some good signs here for risk trades but I wouldn't classify it as anything new.