Powell says Fed ready to use all the weapons in its arsenal

Federal Reserve Chairman Jerome Powell said the central bank is ready to use all the weapons in its arsenal to help the US economy endure the coronavirus pandemic, as attention shifts to whether Republicans and Democrats will agree to more fiscal aid.

“We are committed to using our full range of tools to support the economy in this challenging time even as we recognise that these actions are only a part of a broader public-sector response,” Powell said Tuesday in remarks to the Senate Banking Committee.

Powell appeared before lawmakers for a virtual hearing with US Treasury Secretary Steven Mnuchin on the first quarterly CARES Act report to Congress. Lawmakers are expected to push the Fed chief to spell out if he thinks more fiscal support is necessary and what form it should take.