According to the minutes from the most recent Federal Open Market Committee meeting in September, many policymakers based their economic projections on the expectation of additional fiscal relief. They noted most market participants were also assuming another pandemic-related fiscal package would be approved this year, and economic growth could decelerate in the fourth quarter in the absence of another relief package. On Tuesday, Fed Chair Jerome Powell implored members of Congress to implement another round of fiscal relief. He cautioned that the risks of providing too little support for the economy were greater than the risks of providing too much stimulus. He added that economic activity had moderated from May and June and that a resurgence of the virus might again significantly limit economic activity in the coming months.

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