fed

Powell noted that the economy has been growing faster than expected this year and that consumers have kept spending briskly.

Former Federal Reserve Chairs Ben Bernanke and Janet Yellen say Congress should do more to help the economy.

It did not specify any amounts or timing for its bond purchases.

Among the actions it is taking is the activation of a Main Street Lending Program.

The virus has caused a near-shutdown of economic activity in the United States and abroad.

The economy itself was strong before the outbreak began, he said.

It was the Fed's first rate cut since last year, when it reduced its key short-term rate three times.

The Fed cut short-term rates last month for the third time this year, to a range of 1.5% to 1.75%.

He says the outlook for the U.S. economy remains favorable but that it continues to face risks.

The Fed chairman said the central bank is monitoring potential vulnerabilities in the banking system to ensure its continued stability.