Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin testified in front of the Senate Banking Committee on Tuesday to discuss the $2 trillion CARES Act.
Powell, in prepared testimony for his hearing before the Senate committee concerning the $2 trillion economic-relief package, is expected to say the Fed will double down on its commitment to do all it can to keep financial markets functioning and liquid.
“We are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response,” Powell said.
Powell noted the central bank had taken its policy interest rate to near zero the coronavirus pandemic forced shutdowns of much of the economy in March.
“We expect to maintain interest rates at this level until we are confident that the economy has weathered recent events and is on track to achieve our maximum-employment and price-stability goals,” he said in his prepared testimony.
Jim Cramer thinks that Mnuchin and Powell have "contained the fire" but haven't "stopped it" yet.
Watch More of the Latest Videos on TheStreet and Jim Cramer
- Jim Cramer: $35 'Magic Number' for Oil
- Jim Cramer: J.C. Penney Stock Will Never Come Back
- Jim Cramer: Nike Reopening Stores Is Exciting
- Moderna Rallies, But Here's Why Cramer Doesn't Trust Move Higher
- New York Governor Andrew Cuomo Advises Professional Sports Teams to Resume Games Without Fans; A Bid to Boost Sports