Fed Chairman Gives Congress Economic Forecast

Describes the current state of affairs as “much improved.”

On Tuesday, Federal Reserve Chairman Jerome Powell sat before Congress to give an up-to-date forecast of the nation’s economy. His hearing marked the one-year anniversary of stock markets hitting their lowest point during the pandemic. One year later, the stock market has had a massive surge with both the Dow Jones and S&P 500 up 80% from their decline at the onset of the pandemic last March.

Chairman Powell painted a positive picture of the recovery saying in prepared remarks, “today the situation is much improved. While the economic fallout has been real and widespread, the worst was avoided by swift and vigorous action—from Congress and the Federal Reserve.” As a result, Federal Reserve officials have projected economic growth to be at 6.5 percent. 

As the Lord Leads, Pray with Us…

  • That God would work through the Federal Reserve to help the nation financially recover.
  • For the Lord to give Chairman Powell wisdom on the best way to lead the Federal Reserve.
  • For the president’s administration to seek God’s guidance to bring the nation into a better economic position.

Sources: Federal Reserve, NPR


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