Yellen's testimony: With interest rates at historic lows, the smartest thing is to act big

Treasury Secretary nominee Janet Yellen has been testifying in front of the Senate Finance Committee and has called on Congress to act to support the struggling economy. The former Federal Reserve Chair has stressed that interest rates are at historic lows, enabling broad action. 

Yellen has added that she aims to have a competitive economy that creates jobs. She also notes high-income inequality and promises to focus on the needs of American workers. Yellen has stated that she will work overtime for a second coronavirus relief package. 

On taxes, the Treasury Secretary nominee has said that she believes in a fair and progressive tax code. 

The S&P 500 is trading marginally higher, just below 3,800 points. EUR/USD is hovering around 1.2130.