Jerome Powell, Chairman of the Federal Reserve System, is delivering the semiannual monetary policy report and testifying before the Senate Banking Committee.

Key quotes

"The Fed has pretty much decided that negative interest rates are not attractive for the United States."

"Confident that the US economy will recover in the long run."

"Economy will recover but we have to be patient with it."

"People who cannot easily get back to work will need more help."

"The US economy absolutely will recover."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.