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.
FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, in Washington, U.S., March 3, 2020. REUTERS/Kevin Lamarque/File Photo
Fed officials currently forecast the economy shrinking at a 6.5% annualized rate in 2020 and see unemployment remaining elevated for several years. Powell said last week that he sees millions, particularly low-wage workers, remaining out of work for the foreseeable future with no easy re-entry into employment.
Congress has so far allocated nearly $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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