
Yellen and Powell praise stimulus but warn that more needs to be done
CNN
The two most powerful economic authorities in America told lawmakers that although the US economy is on the mend thanks to several rounds of stimulus, there's more work to be done.
Janet Yellen, the current Treasury secretary, and Jerome Powell, who succeeded Yellen as Federal Reserve chair during the Trump administration, each stressed in prepared remarks that the economic pain caused by the Covid-19 pandemic would have been worse if not for the quick moves in 2020 by Congress and the Fed. "While the economic fallout has been real and widespread, the worst was avoided by swift and vigorous action," Powell said in a statement released by the Fed. But he also emphasized that "the recovery is far from complete, so, at the Fed, we will continue to provide the economy the support that it needs for as long as it takes."More Related News