Fed Chair Jerome Powell will testify to the Congress on coronavirus and CARES act today. In pre-released opening remarks, He reiterated that Fed is “committed to using our full range of tools to support the economy”. Fed’s actions are “only a part of a broader public-sector response”.
After lowering interest rate to near zero in March, the board expects to ” maintain interest rates at this level until we are confident that the economy has weathered recent events and is on track to achieve our maximum-employment and price-stability goals.”
