Treasury yields fall following Fed Chair Powell’s comments on the economy

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CNBC:

Jerome Powell is Trump pick for Yellen replacement on Fed

  • Fed Chair Powell and Treasury Secretary Janet Yellen are due to make their first joint appearance in front of the U.S. House Committee on Financial Services at 12 p.m. ET on Tuesday.
  • In prepared remarks, Powell said that the economic recovery from the pandemic had “progressed more quickly than generally expected and looks to be strengthening.”
  • However, he said that the sectors of the economy hardest-hit by the pandemic “remain weak” and the unemployment rate “underestimates the shortfall,” so the recovery still had a long way to go. Read More

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