, sending risk assets surging to six-week highs.
Georgieva said the IMF will likely revise downward its forecast for a 3% contraction in GDP in 2020, with only a partial recovery expected in 2021 instead of the 5.8% rebound previously anticipated. In a written testimony released late on Monday, Powell describes the coronavirus pandemic as having caused "a level of pain that is hard to capture in words" and calls on Congress to do more to match the Fed's historic stimulus measures. He adds that the central bank is committed to using its "full range of tools" to support the economy.
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