Fed Chair Jerome Powell in a speech at the......>

FED: Fed Chair Jerome Powell in a speech at the Peterson Institute for

International Economics. Highlights:

*Powell urges Congress to consider more fiscal aid to support the economy.

Powell says additional fiscal support is needed for a strong recovery and to

avoid scarring. Otherwise the result could be an extended period of low

productivity growth, stagnant incomes, and low growth.

* Powell makes no mention of negatives rates.

* Says the Fed "will continue to use our tools to their fullest until the crisis

is well under way."

* "The path ahead is both highly uncertain and subject to significant downside

risks."

* Powell says Covid-19 has left a "devastating human and economic toll in its

wake" and the scope and speed of this downturn are "significantly worse than any

recession since World War II."