LIVE updates: Fed Chair Powell testifying on Capitol Hill

Fed chair Jerome Powell testifies before Senate committee

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Federal Reserve Chair Powell is delivering testimony on the state of the U.S. economy in his Semiannual Monetary Policy Report.

He reminded lawmakers that while the recovery remains uncertain,  a wider rollout of the COVID-19 vaccine can help steady the economy.

FED'S POWELL SAYS US ECONOMIC OUTLOOK STILL 'HIGHLY UNCERTAIN,' BUT WIDER VACCINE ROLLOUT KEY

Stocks, led by a sharp drop in the Nasdaq, remained under pressure mid-morning.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES31463.52-58.17-0.18%
I:COMPNASDAQ COMPOSITE INDEX13384.069017-148.98-1.10%
SP500S&P 5003863.81-12.69-0.33%
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Powell is likely to get questions from lawmakers on a financial tax and the impact hiking taxes would mean for the recovery. The Fed chair is also expected to stand firmly behind President Biden’s push for a new substantial stimulus package, play down concerns about the risk of inflation, and reject pumping the brakes on monetary policy any time soon.

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