Fed Chair Powell says it “would be wise” to provide continued fiscal support during this “critical phase” of the economic recovery.
New York Stock Exchange building is seen with the Fearless Girl Statue during Covid-19 pandemic in Lower Manhattan, New York City, United States on May 26, 2020.Stocks fluctuated between losses and gains in the volatile session as investors continued to monitor the coronavirus developments and the progress of the economic recovery. Big tech stocks provided some support to the broader market, while classic reopening plays such as cruise lines and airlines were lower.
Federal Reserve Chairman Jerome Powell reiterated the central bank's stance to keep doing what it can to help the recovery, and he urged Congress to do the same. "We're not thinking about putting down our tools for a long time," Powell told House members during the second day of his semiannual testimony on Capitol Hill. Over the past three months the Fed has deployed multiple lending and liquidity programs and cut its benchmark rate to near zero.
Powell said the Fed is aware of the shortages and said, "the flow of coins through the economy has ... kind of stopped. The places where you'd go to give your coins and get credit ... those have not been working. So, a whole system of flow has kind of come to a stop. We're well aware of this: We're working with the mint and we're working with the Reserve banks. And as the economy reopens, we're seeing coins begin to move around again.
from exchange-traded funds eventually, Chairman Jerome Powell said. "Over time we'll gradually move away from ETFs and move to buying bonds," Powell said. "It's a better tool for supporting liquidity and market functioning."—Fed chair Jerome Powell said in his Congressional testimony that the central bank takes issues of diversity and inclusivity seriously. "We are definitely recommitting ourselves to enforcement of fair lending laws.
"I would agree that Congress has already provided significant fiscal support. And that support is now having a positive effect on the economy. We see it in consumer spending, in income data, we see it in payrolls: all of that is helping. I would just note that there are something like 25 million people who are still ... who have been dislodged from their job in full or in part due to the pandemic.
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