Federal Reserve Chairman Jerome Powell said that vaccination is “the number one policy to the return of economic growth” in a meeting with Congress earlier on Tuesday to discuss rising yield and bond interest prices.
Powell was joined by Senator Pat Toomey and Fed Chairman Brown, who will continue to discuss how the Fed will proceed in the coming days. Powell noted the economic impact of COVID-19, as well as the desire to keep inflation rates above the 2% mark in accordance with established fiscal policy.
Investors were looking to Powell’s testimony this morning as stock indexes slumped. The tech sector has weathered losses today, while cryptocurrency takes a dive as Bitcoin is still down more than 10% while others follow suit.
The testimony will continue on into the afternoon, with retail, commodity markets, the housing market, and racial disparities in income and economic spending power expected to be topics today.