Federal Reserve Chairman Jerome Powell on Wednesday repeated his pledge to use a "full range of tools" to support the U.S. economy and keep interest rates near zero for as long as it takes to recover from the fallout from the coronavirus outbreak, saying the economic path will depend significantly on the course of the virus.
The US Federal Reserve is expected to remain apolitical and stay out of the business of Congress. Even so, President Donald Trump has repeatedly jeered at Fed Chair Jerome Powell, even going so far as to call him 'an enemy of the state.' Nevertheless, Business Powell stuck his neck out in a Congressional hearing this week, calling for more government intervention in the economy.
A full U.S. economic recovery will not occur until the American people are sure that the novel coronavirus epidemic has been brought under control, Federal Reserve Chairman Jerome Powell told Congress on Tuesday. Conway G. Gittens has more of his testimony.
Federal Reserve Chair Jerome Powell on Tuesday testified before the Senate Banking Committee and said that the U.S. economy appears to be entering the second phase of reopening assuming the virus remains under control.
Do you have that summertime sadness? Well, don't you worry ... We will try to cheer you up (and make your life easier) with a look at earnings coming up in the first week of September. BUT ... Before..