WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell stressed Wednesday that the federal government’s role in strengthening the U.S. market in the face of a recession is vital in preventing a worsening of economic inequality.
Powell said the the Fed would continue to deploy all its financial tools to help “get back as quickly as we can to a tight labor market.” And he reiterated his belief that Congress must avoid withdrawing its own rescue efforts too quickly or else the most disadvantaged households would disproportionately suffer.
The chairman’s remarks to a House committee came on the second day of his semi-annual testimony to Congress on monetary policy. As he had on Tuesday to the Senate Banking Committee, Powell stressed that the Fed would keep its benchmark interest rate, which influences many business and household loans, near zero and make full use of the numerous lending programs it has unveiled since the coronavirus struck.
Stay connected to the stories and events that make your community a special place to call home.
Subscriptions start at $14.90/month.View subscription options
- Unmatched coverage of Allen County’s local news and sports, a tradition dating back to 1867
- Compelling portraits of our residents, experienced reporting and thoughtful analysis
- Unlimited online access to iolaregister.com and our archives