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.