Federal Reserve Chair Powell is delivering testimony on the state of the U.S. economy in his Semiannual Monetary Policy Report.
He reminded lawmakers that while the recovery remains uncertain, a wider rollout of the COVID-19 vaccine can help steady the economy.
Stocks, led by a sharp drop in the Nasdaq, remained under pressure mid-morning.
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Powell is likely to get questions from lawmakers on a financial tax and the impact hiking taxes would mean for the recovery. The Fed chair is also expected to stand firmly behind President Biden’s push for a new substantial stimulus package, play down concerns about the risk of inflation, and reject pumping the brakes on monetary policy any time soon.