Fed Chair Jerome H. Powell testimony has been...>

FED: Fed Chair Jerome H. Powell testimony has been released for Senate Banking

Committee hearing tomorrow. Highlights: 

* "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 writes. 

* Expect to maintain near zero interest rates "until we are confident that the

economy has weathered recent events and is on track to achieve our

maximum-employment and price-stability goals.

* "Scope and speed of this downturn are without modern precedent," Powell says,

adding that it is "significantly worse than any recession since World War II."

* Says Fed is deeply committed to transparency to the American people. "Fed will

be disclosing, on a monthly basis, names and details of participants in each

facility; amounts borrowed and interest rate charged; and overall costs,

revenues, and fees for each facility," Powell writes.