June 29, 2020 / 8:05 PM / 14 days ago

Chair Powell says Main Street program to be useful in months ahead

June 29 (Reuters) - In a hint that not all may be smooth sailing for the U.S. economy as states emerges from months-long shutdowns, Federal Reserve Chair Jerome Powell on Monday noted the outlook is “extraordinarily uncertain” and will depend both on containing the virus and on government’s efforts to support the recovery.

Powell said in remarks prepared for a Congressional hearing on Tuesday that the central bank’s Main Street lending facility may prove valuable “in the months ahead” for firms hit by a dramatic drop in economic activity during the pandemic.

Some states have begun to dial back their reopenings as coronavirus infections surge.

Reporting by Ann Saphir; Editing by Sandra Maler

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