Fed’s Powell says will keep interest rates low until economy on track to hit goals

Chair of the Federal Reserve Powell comments from text prepared for his hearing before the Senate Banking Committee.

Nothing new from Powell in these remarks.

  • “We are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response”
  • “We expect 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.”

Powell is scheduled to appear in the virtual hearing at 10 am Tuesday in Washington

  • US Treasury Secretary¬†Steven Mnuchin will also appear

Chair of the Federal Reserve Powell comments from text prepared for his hearing beforethe Senate Banking Committee.