Nov 9 (Reuters) - Federal Reserve Governor Randal Quarles
said on Monday that while the initial market stress from the
coronavirus crisis has passed, a "distinct, formidable, and
complex" challenge remains.
"The surprise of the COVID event is gone, replaced by a
clearer view of its economic consequences," Quarles said in
testimony prepared for a Congressional appearance Tuesday,
adding that businesses and households continue to face
significant burdens, borne unevenly.
"I am confident that we will work through them together,
support those hardest hit, and ensure that our economic wounds
do not become scars," Quarles said, repeating the Fed's pledge
to use its full range of tools to support the economy for as
long as it takes.
(Reporting by Ann Saphir
Editing by Chris Reese)