Author: Martin Crutsinger, Associated Press

Janet Yellen, Biden’s nominee for Treasury secretary, urges Congress to ‘act big’ to avoid deep, prolonged pandemic-induced downturn.

The Federal Reserve kept its key interest rate near zero amd vowed to take further steps if the economy weakens amid COVID-19 pandemic.

Economists project a “tepid” 2.3% gain this year, compared to last year’s 2.9% growth.

Federal Reserve Chairman Jerome Powell said Monday that the central bank is closely monitoring a sharp rise in corporate debt.