The Senate Banking Committee held a hearing today entitled, “CARES Act Oversight of Treasury and the Federal Reserve: Building a Resilient Economy.” Testifying were Fed Chairman Jerome Powell and Treasury Secretary, and former Fed Chair, Janet Yellen. As the title suggests, the hearing was all about COVID and its impact on the economic outlook since the outbreak began more than 20 months ago,. Powell noted a few key points from the Fed’s perspective:
The economy started to recover quickly last spring only to be set back by the Delta variant over the summer.
The decline in Delta COVID cases in September corresponded with “a pick-up in economic growth.”
Part of the impact of the Delta varia...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...