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Mixed Finish To The Week

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Auction Results

Powell Begins Prepared Statement:

FED

Mostly rejigged boilerplate language on reaching dual mandate etc to begin. Notes resurgence of COVID in recent months, weighing on the economy and jobs, and concentrated in some areas in particular.

Svs spending weak (travel/hospitality etc), goods spending moderated. Housing sector has "more than fully recovered", while bus and manuf investment have also picked up. Overall recovery "due in part" to federal stimulus, and the recently-enacted COVID response and relief act will provide additional support.