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Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell speak Tuesday to the Senate Committee on Banking, Housing and Urban Affairs on efforts their respective institutions have taken to combat the pandemic’s impact on the economy.

In prepared remarks for the congressionally mandated testimony, Powell noted the importance of the joint aid, saying the Fed’s lending programs specifically “have served as a backstop to key credit markets and helped to restore the flow of credit from private lenders through normal channels.”

Separately, Yellen said she is “optimistic about the medium-term trajectory of our economy,” though she, like Powell, noted that the Covid delta variant has slowed the recovery.

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