Jerome Powell disregards potential depression; reiterates commitment to US economy

Will address Senate Committee on Banking, Housing and Urban Affairs

Federal Reserve chairman Jerome Powell is set to reiterate the US central bank’s commitment to use its "full range of tools" to support the economy and has denied the threat of a depression.

In prepared remarks Powell will deliver to the Senate Committee on Banking, Housing and Urban Affairs, he points to the body's "mandate to promote maximum employment and stable prices for the American people, along with our responsibilities to promote stability of the financial system", while acknowledging that the actions taken are "only part of a broader public-sector response". Bond markets' 'addiction' to low rates will 'not be left unsatisfied' for a year or more His remarks also reassure that he will keep interest rates near zero until the economy has weathered the crisis and th...