Powell speech: Near-term looks challenging, small businesses under pressure
|Federal Reserve Chairman Jerome Powell is responding to questions before the House Financial Services Committee in the second day of his testimony on Capitol Hill.
Key quotes
"Fed has made about $5 billion in loans under the Main Street Program."
"Would certainly look at extending unemployment insurance programs."
"Small businesses, state and local governments also may need help."
"It would very helpful, important to have additional fiscal support to get us through the winter."
"Virus surge may weigh on economic activity."
"State and local governments would be a worthy place to look as far as where support might be appropriate."
"Near-term looks challenging, small businesses remain under pressure."
"Middle of next year may be light at end of the tunnel, the economy could be healthy."
Market reaction
The US Dollar Index showed no immediate reaction to these comments and was last seen posting small daily losses at 91.25.
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