The Fed said it would continue to buy billions of dollars of Treasury and mortgage-backed securities to support the financial market. Federal Reserve Chairman Jerome Powell will testify before congressional committees for two days next week, starting Tuesday, on the new report. Powell predicted this week that the recovery will likely be slow with Americans “well into the millions” unable to get their old jobs back. The Fed on Friday also summarized a series of events that it has been holding since last year aimed at getting public input into improvements the central bank can make in its monetary policy work. “People have put their lives and livelihoods on hold during this public health emergency,” Powell wrote in an introductory note.

Source: ABC News June 12, 2020 15:30 UTC