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Watch Powell and Yellen speak live to Senate panel on Covid relief efforts


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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell speak Tuesday to the Senate Committee on Banking, Housing and Urban Affairs on efforts their respective institutions have taken to combat the pandemic’s impact on the economy.

In prepared remarks for the congressionally mandated testimony, Powell noted the importance of the joint aid, saying the Fed’s lending programs specifically “have served as a backstop to key credit markets and helped to restore the flow of credit from private lenders through normal channels.”

Separately, Yellen said she is “optimistic about the medium-term trajectory of our economy,” though she, like Powell, noted that the Covid delta variant has slowed the recovery.

Read more:
Fed Chair Powell to warn Congress that inflation pressures could last longer than expected
Fed officials say they see a pullback in their economic support even with inflation cooling
Yellen urges Congress to raise debt limit, warns Pelosi about extraordinary measures running out soon



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