Federal Reserve chair Jerome Powell stated the US financial system has a protracted method to go earlier than totally recovering from the coronavirus pandemic and can want additional assist.
“The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government,” he instructed the House Financial Services Committee on Tuesday (US time). While a restoration is underway, “both employment and overall economic activity, however, remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain.”
In his personal remarks, US Treasury Secretary Steven Mnuchin stated he and the White House proceed to hunt an settlement with each events in Congress on one other fiscal reduction package deal.
“The President and I remain committed to providing support for American workers and businesses,” he stated in testimony launched on Tuesday. “I believe a targeted package is still needed, and the administration is ready to reach a bipartisan agreement.”