Powell's prepared testimony to the Senate
- Downturn could widen US inequality if not reversed
- Some recent indicators have pointed to stabilization
- Repeats that rates will stay near zero until the economy is on track
- Full recovery unlikely until confidence is restored
- Pandemic is hitting low-income households the hardest
- Long-term inflation expectations 'fairly stable'
- Repeats that Fed is committed to using its full range of tools to support the economy
- Direct financial help to families and business can make a critical difference and limit long-lasting economic damage
There's nothing new here. This is similar to what he said after the FOMC decision and that's no surprise since it was only 6 days ago.