Fed Chairman Powell Could Send Markets Higher with Testimony

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After a 911-point gain, the Dow Jones could push even higher on hopes the economy can successfully reopen, and on news the Federal Reserve may not be done helping.

“There’s a lot more we can do,” said Federal Reserve Chairman Jerome Powell, as quoted CBS News 60 Minutes, as quoted by CNN. “We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have.”

Jerome Powell will also appear at a Congressional hearing today, where he’s expected to again note the Fed’s commitment to keep markets functioning.

In prepared remarks, as quoted by CNBC, “The Federal Reserve’s response to this extraordinary period has been guided by our mandate to promote maximum employment and stable prices for the American people, along with our responsibilities to promote stability of the financial system. We are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.”

If the market likes what it hears again, the Dow could easily race even higher.

Steven Mnuchin and Jerome Powell will both testify at the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C. at 10 am EST.  You can watch it here.

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