Chair Powell and Tsy Sec Mnuchin appear.........>

FED: Chair Powell and Tsy Sec Mnuchin appear before the House Financial Services

Committee today, starting at 1230ET.

- Not much new in Powell's prepared testimony released Monday, with the macro

outlook a subject of great interest but little clarity. He says "we have entered

an important new phase and have done so sooner than expected," but adds the path

forward is "extraordinarily uncertain."

- While it's unclear what more Powell has to say about the macro outlook, the

Q&A likely to raise questions about the Fed's corporate bond purchases, the

efficacy of the Main Street and PPP programs, and perhaps attempts to tease out

a bit more of his outlook with / without extended fiscal stimulus (esp given

rising 2nd wave risks).

- Also of note today, NYFed's Williams speaks at IIF event on "Central Banking

in the Age of Covid" at 1100ET - actually a discussion w UBS Chairman Axel

Weber; text of prepared remarks expected to be provided.