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6/30, 2:31 PM (Source: TeleTrader)
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Powell to praise CARES Act before Congress

United States Federal Reserve Chairman Jerome Powell is expected to praise the government's $2.2 trillion CARES Act for its assistance in "limiting long-lasting damage" to the national economy in testimony before the House of Representatives Financial Services Committee on Tuesday, according to his prepared remarks.

However, a quick economic restart brings another set of challenges, especially questions on how to keep the COVID-19 under control in new conditions, Powell will warn. "More than 20 million Americans have lost their jobs," and lower-wage workers, women and ethnic minorities have suffered the biggest impact from the unemployment jump, he will note.

"Output and employment remain far below their pre-pandemic levels," Fed's chair is expected to say.

Breaking the News / MS