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Watch Jerome Powell, Steven Mnuchin testify earlier than Home finance committee on pandemic response

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Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are testifying Tuesday earlier than the Home Monetary Companies Committee. The subject shall be each companies’ response to the coronavirus pandemic.

Since mid-March, the Fed and Treasury have launched a bevy of joint applications aimed toward lending cash the place it’s wanted. The latest launches are the Principal Road Lending Program aimed toward firms with fewer than 15,000 workers, and credit score services aimed toward shopping for company bonds.

Powell’s prepared remarks for the hearing point out a dedication to maintain the applications going to no matter extent obligatory. The central financial institution chief additionally expressed concern concerning the “terribly unsure” outlook as the trail of the coronavirus stays unclear.

Learn extra:
The Fed is buying some of the biggest companies’ bonds, raising questions over why
The Fed said it could supply the economy with $2.3 trillion. It hasn’t come close so far
The economy is snapping back but still has a long way to go, alternative data shows

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