Federal Reserve System Chair Powell comments in prepared testimony:
- says outlook for US economy uncertain, will depend on virus
- economic activity has continued to recover, but pace of improvement has moderated
- says overall rebound in household spending due in part to federal aid
- pace of improvement in labour market has moderated
- Fed's actions have unlocked almost $2 tln of funding to support businesses, nonprofits, local governments
- rise in covid-19 cases is concerning, could prove challenging for next few months
- committed to using our full range of tools to support the economy
- vaccine news is very positive for the medium term; challenges, uncertainties remain
Headlines via Reuters
