U.S. Federal Reserve Chair Jerome Powell on Tuesday makes the first of three appearances on Capitol Hill this week to address lawmakers' questions and concerns about the raft of emergency measures the central bank has taken to blunt the hit to the economy delivered by the coronavirus pandemic.
"We remain committed to using our tools to do what we can, for as long as it takes, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy," Powell will tell the panel, according to the text of his remarks released on Monday. In all, Powell said, the Fed has"helped unlock" US$1 trillion of funding to keep businesses from shutting so that they can more easily rehire workers when the economy picks up. But less than that has actually made it out the door.
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