U.S. business activity cooled in September, with gains at factories offset by a retreat at services industries, suggesting a loss of momentum in the economy as the third quarter draws to a close and COVID-19 lingers. Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that Congress and the U.S. central bank needed to remain focused on supporting the recovery. “We need to stay with it … the recovery will go faster if there is support coming both from Congress and the Fed,” Powell said.
