Treasury officials also announced that the government plans to borrow $1.22 trillion in the October-December period
Investors also fretted ahead of high-profile earnings reports and expiration of enhanced employment benefits
Powell's comments, made via videoconference after the Fed announced its policy decision to leave interest rates near zero, suggest dimming hopes for a quick economic rebound
The longest economic expansion in US history has been derailed by the unanticipated advent of the Covid-19 pandemic
And the report said that business contacts in the Fed's 12 regions remained wary about the future
The S&P US Listed China 50 index, which is designed to track the performance of the 50 largest Chinese companies listed on US exchanges by total market cap, logged a weekly rise of 6 per cent
The US economy dropped into recession in February as the viral outbreak brought a record-long expansion to an abrupt end
The pledge to keep monetary policy loose until the US economy is back on track repeats a promise made early in the central bank's response to the coronavirus pandemic
The economists said employment peaked in February and fell sharply afterward, marking the beginning of the downturn
Some Republicans fear voters are simply worn out by Trump. People are just so disgusted with how things are
Some of the jobs gains reported for May could be a reflection of the Paycheck Protection Program
It was the biggest quarterly decline since an 8.4 per cent fall in the fourth quarter of 2008 during the depths of the financial crisis
The longest U.S. economic expansion has ended, said Gregory Daco, chief economist at Oxford Economics
Energy stocks shed 1.9% and were on track for their sixth slide in seven sessions as the front-month May US West Texas Intermediate (WTI) contract plunged more than 50%
Originally scheduled as a non-working pro forma meeting, the session will be extended to a debate on the bill all conducted under social distancing rules to minimize the risk of transmitting the virus
The proposal again abandons the stated goal of closing the budget deficit in 10 years, instead pushing the target date back to 2035
President Donald Trump plans to deliver his State of the Union address to a joint session of Congress on Tuesday
Speaking here at the World Economic Forum (WEF) annual meet, whose theme is 'Stakeholders for a Cohesive and Sustainable World', Trump said it is time for optimism and not pessimism.
The Federal Reserve on Wednesday kept interest rates steady and signaled that borrowing costs were likely to remain unchanged at least through next year
The Commerce Department said the trade deficit tumbled 7.6% to $47.2 billion, the smallest since May 2018, as both imports and exports of goods declined