Fed’s Powell says new lending programs to launch by June 1

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said Tuesday that the central bank’s lending programs for medium-sized businesses and state and local governments will be operational by the end of this month. Powell also said that the Fed is seeing a “good deal of interest” in those programs, but if not enough companies or state and local governments try to borrow, the Fed will tweak its efforts. Powell’s comments came before the Senate Banking, Housing and Urban Affairs Committee, which held an oversight hearing regarding the $2 trillion federal relief package approved in late March.