The Federal Reserve is committed to using a full range of tools to support the economy in this challenging time, Fed Chair Powell said in prepared remarks of his testimony before the Senate Committee on Banking, Housing, and Urban Affairs. Powell added that the Fed has been entrusted with an important mission, and has taken unprecedented steps in very rapid fashion over the past few months. The tools used so far are for times of emergency and when economic and financial conditions improve, the central bank will put these tools back in the toolbox. Fed Chair also added that interest rates at expected to be left at 0% until the economy has weathered recent events and is on track to achieve maximum-employment and price-stability goals.
