LIVE updates: Fed Chair Powell testifying on Capitol Hill

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.

FED’S POWELL SAYS US ECONOMIC OUTLOOK STILL ‘HIGHLY UNCERTAIN,’ BUT WIDER VACCINE ROLLOUT KEY

Stocks, led by a sharp drop in the Nasdaq, remained under pressure mid-morning.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31394.08 -127.61 -0.40%
I:COMP NASDAQ COMPOSITE INDEX 13276.560007 -256.49 -1.90%
SP500 S&P 500 3849.11 -27.39 -0.71%

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.

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