Jerome Powell set to Address Senate Banking Committee Tuesday and Wednesday.
Federal Reserve Chairman Jerome Powell is set to address the Senate Banking Committee this morning at 10:00 am EST. to discuss the Fed's monetary policy in the semi-annual report that was released Friday. The monetary policy report mentions developments in the labor markets, changes in financial conditions and stability, and even touches on inflation, mentioning COVID-19's effect on the surging prices of food.
Powell has been cautiously optimistic as of late in his assessment of the economy, believing it will recover slowly and unlikely within the year. It is rumored that Powell, either in his meeting today or tomorrow, will offer his thoughts on more stimulus geared towards aiding the market after stocks took their worst hit last week since the crash. While the Fed is not expected to be as aggressive as it has previously been due to the more careful watch of their balance sheet (highlighted in the report), any indication of additional easing would likely be seen positively from investors. In addition to this potential boost, the White House is drafting a $1 trillion proposal for improvements in economic infrastructure, aimed at expanding telecommunication systems (5G) and improving transportation.