Fed chair Jerome Powell testifies before Senate committee
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.
|I:DJI||DOW JONES AVERAGES||31463.52||-58.17||-0.18%|
|I:COMP||NASDAQ COMPOSITE INDEX||13384.069017||-148.98||-1.10%|
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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