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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell appear for a second day for virtual Capitol Hill testimony, this time talking Wednesday with members of the Senate Banking Committee.
The focus of the hearings is the Coronavirus Aid, Relief and Economic Security Act, adopted in the early days of the Covid-19 pandemic to provide financial aid to individuals and businesses. The semiannual hearings are mandated as part of the act and mark Yellen's first testimony on the Hill outside of her confirmation hearing.
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In Tuesday's appearance before the House Financial Services Committee, the pair discussed the state of the economy, market valuations, climate change and a host of other issues. Both officials emphasized the strides the economy has made over the last year as well as the challenges that remain.
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Powell and Yellen agree valuations in the market may be high, but aren't worried about stability
Fed's Kaplan said he expects an interest rate hike in 2022