The Fed will comply with a request from the Treasury Department to wind down coronavirus emergency lending programs after the central bank had earlier objected to the move.
The Federal Reserve launched a massive program to lend to small and midsize businesses. It has hardly loaned out anything.
Powell renews his call for congressional action on the economy, but President Trump tells his representatives to stop negotiating on new relief until after the election.
The Federal Reserve left interest rates near zero Wednesday and pledged it was ready to use all of its available tools to support an economic recovery that appears to be weakening.
In an interview with NPR, Powell says it may take years before the economy has fully recovered. He says practicing social distancing and wearing masks is essential for the economy to rebound.