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Powell testifies, Russia wants to open the taps, and a Bitcoin death cross.

Federal Reserve Chair Jerome Powell’s written remarks prepared for today’s appearance before the House Select Subcommittee on the coronavirus crisis show him sticking to the position that the pickup in inflation is transitory. Investors will be watching from 2:00 p.m. Eastern Time as Powell’s answers to questions from lawmakers may shed more light on his view on the pace of the economic rebound. The appearance comes after regional Fed presidents yesterday expressed mixed views on when the central bank should start talking about tapering asset purchases.