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Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen appear Tuesday before the House Financial Services Committee as part of a mandated update on the Coronavirus Aid, Relief and Economic Security Act.
The hearing focuses on how CARES money has been allocated and the economic progress made under the program.
Fed officials last week raised their forecast for 2022 gross domestic product growth to 6.5%, which would be the fastest annual pace since 1984. Nevertheless, Powell said in remarks prepared for Tuesday's hearing that while the economy is "much improved" since the Covid-19 pandemic began, "the recovery is far from complete."
Yellen also issued hopeful yet cautious notes, saying she sees the economy reaching full employment again next year while stressing that "we should be clear-eyed" about how much work is left to do.
Powell says the Fed is committed to using all its tools to promote recovery
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Fed sees stronger economy and higher inflation, but no rate hikes