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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell on Tuesday Senate Committee on Banking, Housing and Urban Issues About the efforts each institution has taken to combat the economic impact of the pandemic.
Powell said in a prepared statement to Congress’s mandated testimony that the Fed’s lending program specifically “acts as a backstop to major credit markets and credits from private lenders through regular channels. It helped restore the flow, “he said, pointing out the importance of joint assistance.
Separately, Yellen said he was “optimistic about the medium-term trajectory of our economy,” but said that variants of the Covid Delta, like Powell, delayed recovery.
Powell warns Congress that inflationary pressures may last longer than expected
The Federal Reserve Board said it expects economic support to recede even as inflation cools.
Yellen urges Congress to raise debt limits and warns Pelosi about upcoming special measures
Watch Powell and Yellen talk live to the Senate panel about Covid relief efforts
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