Text of Fed Chair Jerome Powell's testimony.....>

FED: Text of Fed Chair Jerome Powell's testimony is released. Highlights: 

* Powell says Treasury and MBS purchases are meant to smooth market functioning.

He adds about future purchases: "We will closely monitor developments and are

prepared to adjust our plans as appropriate to support our goals."

* Current economic outlook: Powell says "some indicators have pointed to

stabilization, and in some areas a modest rebound, in economic activity," but he

stresses "the levels of output and employment remain far below pre-pandemic

levels."

* "Until the public is confident that the disease is contained, a full recovery

is unlikely, Powell says, adding that the longer the downturn lasts, the greater

the potential for longer-term damage from permanent job loss and business

closures. 

* "We are committed to using our full range of tools to support the economy in

this challenging time," Powell says, also repeating recent FOMC forward guidance

on interest rates.