US economy entering ‘bounce back’ phase – Powell

Fed chair forced to defend move to follow through with corporate bond purchases in Senate hearing

Jerome Powell gives testimony
Federal Reserve

The US economy appears to be entering the “rebound phase” of the economic fallout caused by the pandemic, Federal Reserve chair Jerome Powell said on June 16.

But there remains “significant uncertainty” about the timing and strength of the recovery, Powell told lawmakers during a Senate committee hearing.

Powell was also forced to defend the Fed’s move to start purchasing corporate bonds, saying it was more out of “excess caution” than a necessity to ease market conditions.

The chair

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