In the remarks released ahead of Tuesday’s testimony, Fed Chair Jerome Powell said “economic activity has picked up from its depressed second-quarter level:. Economic indicators showed “marked improvements” including household spending, housing, business fixed investment and labor. However, both employment and overall economic activity “remain well below their pre-pandemic levels”. The path ahead continues to be “highly uncertain”.
“A full recovery is likely to come only when people are confident that it is safe to reengage in a broad range of activities,” he added. “The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government. Fed remains “committed to using our full range of tools to support the economy for as long as is needed.”
