Federal Reserve Chair Jerome Powell said the U.S. economy has a long way to go before fully recovering from the coronavirus pandemic and will need further support.
"The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government," he told the House Financial Services Committee on Tuesday. While a recovery is underway, "both employment and overall economic activity remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain."
In his own remarks, U.S. Treasury Secretary Steven Mnuchin said he and the White House continue to seek an agreement with both parties in Congress on another fiscal relief package. "The President and I remain committed to providing support for American workers and businesses," he said in testimony released Tuesday. "I believe a targeted package is still needed, and the administration is ready to reach a bipartisan agreement."
Powell and Mnuchin's appearance is a quarterly exercise mandated by the CARES Act passed by Congress in March, which appropriated about $2 trillion to help accelerate the U.S. recovery. The pair faced questions about their use of CARES Act funds and about what else should still be done.
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