It has been a non-stop barrage of soundbites from Fed chair Jerome Powell over the past 24 hours, who triggered today’s record euphoric rally with his 60 Minute comments saying “I would never bet against the American economy or the American people.

We have a great economy” and just in case we don’t, Powell said he was ready to print trillions more if he had to (he does) stating “we’re not out of ammunition by a long shot.” Then, at the close on Monday following a 900 points surge sparked by the Fed Chair’s Sunday comments, Powell’s prepared remarks ahead of his virtual hearing before the Senate Banking Committee were released, and it was more of the same, with Powell vowing to “to maintain near-zero rates until the economy has weathered the crisis” and repeating the “Fed will use full range of tools to support the economy.”

“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, Powell said adding that “we expect to maintain interest rates at this level until we are confident that the economy has weathered recent events and is on track to achieve our maximum-employment and price-stability goals.”



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