The Fed chairman repeated warnings about the economy during the first day of his semiannual testimony before Congress.
As the nation was shuttered, the Fed and Congress provided unprecedented levels of monetary and fiscal support that included a potential for trillions of dollars in liquidity and lending programs.While noting the strong policy response, Powell said several areas are raising concerns. The Fed's monetary policy report took note of challenges for small business.
The Fed on Monday officially started its Main Street lending program, which is geared toward helping smaller firms negotiate the downturn. In addition, the central bank also said Monday it wouldon top of the exchange-traded funds it already has been purchasing.
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