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Powell Highlights Imperative of Curbing Virus for Rebound

  • Fed chair and Treasury secretary testify before House panel
  • Powell says economy has entered new phase sooner than expected
Bloomberg business news
Sec. Mnuchin Says Supports Extending PPP to Hard-Hit Businesses
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Federal Reserve Chair Jerome Powell stressed to Congress Tuesday that getting the coronavirus under control was vital as the U.S. economy rebounds from the sharpest contraction on record.

”We have entered an important new phase and have done so sooner than expected,” Powell told the House Financial Services Committee while wearing a face mask in a joint appearance with U.S. Treasury Secretary Steven Mnuchin. “While this bounceback in economic activity is welcome, it also presents new challenges -- notably, the need to keep the virus in check.”