Watch Jerome Powell, Steven Mnuchin testify before House finance committee on pandemic response

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Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday before the House Financial Services Committee. The topic will be both agencies’ response to the coronavirus pandemic.

Since mid-March, the Fed and Treasury have introduced a bevy of joint programs aimed at lending money where it is needed. The most recent launches are the Main Street Lending Program aimed at companies with fewer than 15,000 employees, and credit facilities aimed at buying corporate bonds.

Powell’s prepared remarks for the hearing indicate a commitment to keep the programs going to whatever extent necessary. The central bank chief also expressed concern about the “extraordinarily uncertain” outlook as the path of the coronavirus remains unclear.

Read more:
The Fed is buying some of the biggest companies’ bonds, raising questions over why
The Fed said it could supply the economy with $2.3 trillion. It hasn’t come close so far
The economy is snapping back but still has a long way to go, alternative data shows

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