Federal Reserve Chairman Jerome Powell said in remarks prepared for a Congressional hearing on June 30th that the US economy faces “extraordinary uncertainty”, particularly in light of ongoing attempts to contain the spread of Covid-19. Powell also noted that the central bank’s Main Street lending facility may prove helpful for firms hit by the coronavirus crisis. The Federal Reserve left the target range for its federal funds rate unchanged at 0-0.25 percent on June 10th 2020 as expected, saying the US economic recovery from the coronavirus pandemic is set to be challenging and there will take time and work.
