Powell's text was released yesterday

There was nothing surprising in Powell's released text late yesterday. Here are the highlights:

  • reiterates in testimony to Congress that the Fed will "do what we can, for as long as it takes" to support recovery
  • many economic indicators show "marked improvement"
  • despite improvement from depth of crisis, path ahead for economy remains "highly uncertain"
  • main street loans approved or in process are now 230, totaling roughly $2b
  • evidence suggests most "creditworthy" small and medium-sized businesses can borrow from private lenders

His comments didn't move markets but there will be a Q&A after he reads the speech. He's scheduled to start at the bottom of the hour.