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EconomyWatch Powell and Yellen speak live to Senate panel on Covid relief...

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 establishments have taken to fight the pandemic’s impression on the financial system.

In ready remarks for the congressionally mandated testimony, Powell famous the significance of the joint help, saying the Fed’s lending applications particularly “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 mentioned she is “optimistic about the medium-term trajectory of our economy,” although she, like Powell, famous that the Covid delta variant has slowed the restoration.

Read extra:
Fed Chair Powell to warn Congress that inflation pressures may last more than anticipated
Fed officers say they see a pullback of their financial assist even with inflation cooling
Yellen urges Congress to increase debt restrict, warns Pelosi about extraordinary measures operating out quickly

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