Rates and our Balance Sheet, will ensure that we will continue to deliver powerful aid to the economy until recovery is complete. Widespread vaccinations along with unprecedented actions are also providing strong support. Since the be getting of the year, indicators of Economic Activity has strengthened. Household Household Spending on goods has risen robustly. The sector has more than fully recovered from the downturn, wall business and manufacturing production have increased. Spending on services has also picked up, including at restaurants and bars. Generally, the sectors of the economy most adversely affected by the pandemic remained weak but show improvement. While the recovery has progressed more quickly then generally expected, and remains uneven and far from complete. The path of the economy continues to depend significantly on the course of the virus and the measures undertaken to control its spread. Since march, progress on vaccinations has limited the number of new cases, ho
Today my colleagues on the fomc and i kept Interest Rates near zero and maintained our Sizeable Asset purchases. These measures, along with our strong guidance on Interest Rates and on our Balance Sheet, will ensure that Monetary Policy will continue to deliver powerful support to the economy until the recovery is complete. Widespread vaccinations along with unprecedented fiscal policy actions are also providing strong support to the recovery. Since the beginning of the year, indicators of Economic Activity and employment have strengthened. Household spending on goods has risen robustly. The housing sector has more than fully recovered from the downturn, while Business Investment and manufacturing production have also increased. Spending on services has also picked up, including at restaurants and bars. More generally, the sectors of the economy most adversely affected by the pandemic remain weak but have shown improvement. While the recovery has progressed more quickly than generally
Hours. The committee will come to order. The chair can declare recess at any time. The staff have been instructed not to mute members, except when a member is not being recognized and there is inadvertent background noise. Embers are reminded that they may always participate in one remote proceeding at a time. If you are participating here today, please keep your camera on. If you choose to attend a different remote proceeding, please turn your camera off. Before we begin todays hearing, i would like to inform all members that our Witnesses Today have a hard stop at 2 15 p. M. Eastern standard time. This committee entitled oversight of the Treasury Departments and Federal Reserve s Pandemic Response. I now recognize myself for four minutes to give an opening. N opening statement. I would like to welcome secretary yellen and chair powell. I am pleased that with democrats passage of President Bidens American Rescue plan, help is now arriving for millions of struggling individuals, famili
Committee. This is live coverage on cspan. Chairwoman waters members are reminded that they are only allowed to participate in one remote proceeding at a time. Please keep your camera on and if you choose to attend a different remote proceeding, please turn your camera off. Before we begin, i would like to inform all members that are Witnesses Today have a hard stop at 2 15 p. M. Eastern standard time. This committee is entitled, oversight of the Treasury Departments and Federal Reserves Pandemic Response. I recognize myself for four minutes to give an opening statement. I would like to welcome secretary yellen and chair powell. I am pleased that with democrats passage of President Bidens American Rescue plan, help is now arriving for millions of struggling individuals, families and Small Businesses all across this country. The biden plan delivers muchneeded relief in the form of additional direct payments, expanded Child Tax Credits, homeowner assistance, unemployment assistance, supp
Measures undertaken. The recovery remains uneven and far from complete, and the path ahead is highly uncertain. Color him cautious. Theres almost no engine no mention of inflation, while Consumer Prices have rebounded some, but remain below target. The main focus is unemployment. Millions of americans remain unemployed. Those least able to shoulder the burden have been hardest hit. Theres a bit of optimism. Guy is he saying what hes said before . Is that a tacit acknowledgment that hes ok with yields where they are at the moves we have seen . Michael one would assume at this point that the fed is not looking at the way the markets have moved as a real problem. It hasnt slowed down the interestrate sensitive sectors of the economy. What he is trying to say is that we are not going to worry about it. He goes on to say, we are going to continue to keep our target rate where it is and continue to buy 100 billion worth of bonds for a long time to come. Guy mike, thanks very much, indeed. Wo