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Fed's Powell: CARES Act 'critical' to support for economy - Metro US

Fed’s Powell: CARES Act ‘critical’ to support for economy

FILE PHOTO: Jerome Powell testifies before the House Financial Services Committee in Washington

WASHINGTON (Reuters) – Passage of the CARES Act in late March was “critical” to the Federal Reserve’s ability to expand credit throughout the economy to help offset the economic blow from the coronavirus pandemic, Federal Reserve Chair Jerome Powell said in remarks prepared for delivery at a Tuesday hearing held by the Senate Banking committee.

Powell in the remarks repeats his pledge to keep interest rates near zero until the economy has weathered the crisis, and reviews Fed actions to date that he says have helped keep financial markets functioning smoothly.

(Reporting by Howard Schneider; Editing by Chris Reese)

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