Powell speech: Continuing to look at ways to accommodate additional borrowers

The Federal Reserve is looking at extending borrowing to states with relatively low populations, FOMC Chairman Powell told the Senate Banking Committee during his testimony. Powell further added that they are continuing to look at ways to accommodate additional borrowers.

Meanwhile, Treasury Secretary Mnuchin explained that they want to get a better idea of which credit facilities need more capital before allocating all of it.

"The treasury is absolutely willing to take a risk in credit programs," Mnuchin added. "In the best-case scenario, markets open up and credit facilities are not needed."

Market reaction

The US Dollar Index paid little to no mind to these comments and was last seen losing 0.16% on the day at 99.46.