Federal Reserve Chair Powell delivered his testimony on the state of the U.S. economy in his Semiannual Monetary Policy Report Tuesday.
He reminded lawmakers that while the recovery remains uncertain, a wider rollout of the COVID-19 vaccine can help steady the economy.
Stocks, led by a sharp drop in the Nasdaq, maintained losses but staged a late-day comeback which traders attributed to Powell's commitment to maintaining support for the U.S. economy.
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Powell took questions from lawmakers on a wealth tax while reject pumping the brakes on monetary policy any time soon.
He did however dodge a few direct questions on the $1.9 trillion COVID-19 relief bill looming on Capitol Hill and a higher minimum wage.