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IPFS News Link • Federal Reserve

Watch Live: Powell/Mnuchin Explain To Senate How & Why They Blew Trillions On Bailouts

• by Tyler Durden

Powell and Mnuchin could face questions on the small business lending program, the direct stimulus payments Treasury is sending out to about 150 million Americans, as well as the central bank's Main Street lending program for small and mid-sized businesses.

Having triggered yesterday's record euphoric rally with his 60 Minute comments saying "I would never bet against the American economy or the American people. We have a great economy" and just in case we don't, Powell said he was ready to print trillions more if he had to (he does) stating "we're not out of ammunition by a long shot," Powell's prepared remarks ahead of his virtual hearing before the Senate Banking Committee were more of the same, with Powell vowing to "to maintain near-zero rates until the economy has weathered the crisis" and repeating the "Fed will use full range of tools to support the economy."