Fed's Powell says the path ahead is uncertain, hinges on virus

Author: Eamonn Sheridan | Category: Central Banks

Federal Reserve Chair Jerome Powell testimony

  • US economy has entered an important new phase sooner than expected 
  • says recent economic data offer some positive signs, but output, employment far below pre-pandemic levels
  • says economic outlook extraordinarily uncertain, depends in large part on containing virus
  • outlook also depends on relief provided by government to support recovery as long as needed
  • TALF has extended $252 mln loans so far
  • says main street lending may prove valuable 'in the months ahead' for firms hit by pandemic
  •  repeats Fed pledge to use full range of tools to support economy
Powell on script here. 
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