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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell converse Tuesday to the Senate Committee on Banking, Housing and Urban Affairs on efforts their respective establishments have taken to fight the pandemic’s impression on the financial system.
In ready remarks for the congressionally mandated testimony, Powell famous the significance of the joint assist, saying the Fed’s lending applications particularly “have served as a backstop to key credit score markets and helped to revive the stream of credit score from non-public lenders via regular channels.”
Individually, Yellen mentioned she is “optimistic concerning the medium-term trajectory of our financial system,” although she, like Powell, famous that the Covid delta variant has slowed the restoration.
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