Federal Reserve Chair Jerome Powell on Tuesday begins the first of two days of testimony before U.S. lawmakers in which he will map out how the ...
Federal Reserve Chair Jerome Powell on Tuesday begins the first of two days of testimony before U.S. lawmakers in which he will map out how the United States faces an uncertain, uneven and prolonged economic recovery from the novel coronavirus crisis that will likely require continued monetary and fiscal support.
The U.S. central bank last week kept interest rates unchanged near zero and made clear it plans years of extraordinary stimulus as the nation grapples with steps toward fully reopening its economy amid some state and local surges in cases, and with no vaccine in sight.Fed officials currently forecast the economy shrinking at a 6.5per cent annualized rate in 2020 and see unemployment remaining elevated for several years.
Congress has so far allocated nearly US$3 trillion in financial relief, including direct payments to households and a forgivable loan scheme for small businesses, while the Fed has launched a dozen programs to pump trillions of dollars of credit into the economy. The Fed may come under scrutiny from lawmakers about whether the program, three months in the making, has come too late to help many companies, as well as targeted questions about its overall plans for the future.
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