Powell urges virus stimulus spending for jobless, small business

Federal Reserve Chair Jerome Powell urged Congress to approve additional stimulus spending as the COVID-19 crisis ramps up over the next few months, focusing aid on unemployed workers, small businesses and state and local governments. “There are many sectors that could use some help,” Powell said in response to questions before the House Financial Services Committee. “I would start with the labor market. I think we ought to remember that despite the rapid progress in getting people back to work, which is so welcome, there is still 10 million people who are out of work because of the pandemic.” Powell also … (full story)

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