Powell says U.S. economy 'looks to be strengthening'

The U.S. economy has recovered more quickly than generally expected "and looks to be strengthening," said Federal Reserve Chairman Jerome Powell in remarks released on Monday. Consumer spending, housing, business investment and manufacturing productions have all picked up, he noted. This good news is due to the unprecedented support from Congress and the central bank in fighting COVID, Powell said. "But the recovery is far from complete, so, at the Fed, we will continue to provide the economy with the support that it needs for as long as it takes," he said. The path of the economy still depends on the pandemic, Powell added. He made the comments in testimony to be delivered Tuesday to a House Financial Services Committee hearing on the government's response to COVID. It is the panel's custom to release text of testimony on the night before a hearing.