Powell's speech: Retail sales figures are evidence that demand is being supported

Jerome Powell, Chairman of the Federal Reserve System, is delivering the semiannual monetary policy report and testifying before the Senate Banking Committee.

Key quotes

"Lender registration under Main Street Lending program expected to take a couple of days."

"The Fed is expected to move expeditiously on its nonprofit loan program over next month or so."

"Today's retail sales figures are evidence that demand is being supported."

"The US economy appears to be entering the second phase of re-opening."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.