FOMC Chairman Jerome Powell is testifying before the Senate Banking Committee in a hearing entitled “The Quarterly CARES Act Report to Congress.”
Key quotes
“The Main Street lending program and other outstanding facilities expected to be running by the end of this month.”
“The Fed is getting a good deal of interest in its facilities.”
“Anything that keeps people out of insolvency should be considered by Congress.”
Market reaction
These comments don’t seem to be having a significant impact on market sentiment. As of writing, the Dow Jones Industrial Average was down 0.67% on the day while the Nasdaq Composite was gaining 0.57%.
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