Federal Reserve Chairman Jerome Powell reiterated Monday that the economic recovery in the US remains far from complete despite recent improvement and that the central bank plans to continue providing support. “The recovery has progressed more quickly than generally anticipated and seems to be strengthening, “ Mr. Powell stated in testimony prepared for delivery Tuesday in a hearing before the House Financial Services Committee. “But the recovery is far from complete, so at the Fed, we will continue to provide the economy the support that it needs for as long as it takes.”The Fed has held its benchmark interest rate close to zero since the aftermath of the Covid-19 pandemic slammed the US economy a year ago. Most central bank officials don’t expect to raise the rate until 2024 at the earliest. The Fed also plans to continue obtaining at least $120 billion a month of Treasury debt and mortgage-backed securities until the economic recovery makes “substantial further progress.”