The US economy has picked up from its depressed second-quarter level and many economic indicators show marked improvement but it still has a long way to go before fully recovering from the coronavirus pandemic, Fed Chair Powell said.
Powell made the assertion while giving testimony before the House Financial Services Committee regarding the Coronavirus Aid, Relief, and Economic Security Act.
Powell added that a full recovery is likely to come only when people are confident that it is safe to reengage in a broad range of activities.
The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government.
About the Main Street Lending Program, Fed Chair added that it may not be the right solution for some businesses, in part because the CARES Act states clearly that these loans cannot be forgiven.