Stocks were lower in intraday trading on Tuesday.
Federal Reserve Chairman Jerome Powell spoke on Capitol Hill
Powell, in testimony before the Senate Banking Committee on Tuesday, said the U.S. economy was "a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved."
He signaled that the central bank won't soon begin tapering the $120 billion of bonds it has been buying per month.
Previously, the Fed pledged to keep providing support to the U.S. economy “until substantial further progress” has been made toward its goals of maximum employment and 2% inflation.
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