FED CHAIR TESTIFIES ON COVID-19 ECONOMIC CRISIS: Federal Reserve Chair Jerome Powell is testifying before the House Select Subcommittee on the Coronavirus Crisis regarding the Fed’s response to the ongoing economic crisis.
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Powell is expected to remain optimistic about the country’s economic recovery as the nation’s unemployment rate dropped to 5.5% in May 2021. Following the Fed policy meeting earlier this month, Powell announced that interest rates will currently be kept at near-zero levels, but believes that rates will rise at least twice by 2023.
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