Powell's text was released yesterday
There was nothing surprising in Powell's released text late yesterday. Here are the highlights:
- reiterates in testimony to Congress that the Fed will "do what we can, for as long as it takes" to support recovery
- many economic indicators show "marked improvement"
- despite improvement from depth of crisis, path ahead for economy remains "highly uncertain"
- main street loans approved or in process are now 230, totaling roughly $2b
- evidence suggests most "creditworthy" small and medium-sized businesses can borrow from private lenders
His comments didn't move markets but there will be a Q&A after he reads the speech. He's scheduled to start at the bottom of the hour.