It’s that time again.

Fed Chairman Jerome Powell and Treasury Secretary Mnuchin are about to begin their quarterly CARES Act testimony on Tuesday before the Senate Banking Committee.

In prepared testimony released last night, Powell said that “recent news on the vaccine front is very positive for the medium term.

Of course, tomorrow’s hearing will be the first appearance of Powell and Treasury Secretary Steven Mnuchin together since they disagreed over the expiration of several emergency Fed loan programs set up after the pandemic hit in March.

Powell’s prepared remarks seemed to echo a theme from a recent ECB Panel where Powell warned that “significant challenges and uncertainties remain, including timing, production and distribution, and efficacy across different groups.” Because of these challenges, “the outlook for the economy is extraordinarily uncertain and will depend, in large part, on the success of efforts to keep the virus in check.”

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