[REPOST]: Fed Chair Powell's testimony before...>

FED: [REPOST]: Fed Chair Powell's testimony before the Senate Banking Committee

was released yesterday at 1600ET. He appears at 1000ET today, with Q&A.

** Highlights from the prepared testimony: 

- "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.