Economic Indicators

The group of economists also warned that the virus outbreak and the recession it caused would be "especially damaging" to communities of color

Powell cautioned that an economic downturn is not the time for the federal government to begin reducing the deficit.

The conservative leaders argued that further spending could derail the U.S. economy’s recovery from the virus outbreak and subsequent shutdown.

The Fed responded to the pandemic by taking a range of extraordinary actions to support the economy, including slashing interest rates to near-zero.

Traders will also focus on what are expected to be record retail sales numbers

Sales plunged 16.4 percent in April during the coronavirus lockdown, but posted a record jump in May

Powell returns to Congress on Tuesday for his semiannual testimony after a four-month interval in which unemployment rose from a 50-year low to an 80-year high

Retail sales are expected to have jumped 8.0% last month

Competition for limited inventory is climbing as state economies reopen.

The underemployment rate in May was 21.2 percent, while the unemployment rate was 13.3 percent.

Every U.S. state has started the process of phased reopening, rolling back stay-at-home guidelines and allowing business activity to resume.

Mnuchin came under fire when he said the Trump administration would not reveal the names of companies and nonprofits that got the Paycheck Protection Program loans.

Every U.S. state has started the process of phased reopening. But fears of a resurgence in COVID-19 has sent stocks tumbling

Businesses with up to 15,000 employees and $5 billion in revenue can apply for financing through the Fed's Main Street lending program.

Republicans and Democrats are at odds over whether to expand unemployment benefits for out-of-work Americans.

Kaplan had previously predicted that unemployment could soar as high as 20 percent. 

While 44 million Americans have filed for first-time unemployment benefits since mid-March, and the job market adjusts to post-virus norms, people looking to rejoin the workforce must also adapt and develop new strategies when applying for jobs.

The U.S. economy is "off the the races" on a V-shaped recovery, White House economic adviser Larry Kudlow said, despite more moderate predictions from other economic experts.

The evictions threaten to exacerbate a problem that has plagued people of color long before the pandemic.

In the report, the Fed reiterated the gloomy economic forecast that it released Wednesday, following the Federal Open Market Committee's two-day meeting.