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The Federal Reserve Building in Washington, DC, USA, Tuesday, December 1, 2020 Senate Majority Leader Mitch McConnell held a vote to advance Christopher Waller’s nomination to the Board of the Federal Reserve, but took no action to lead Judy Shelton’s path. to the Fed, reducing the chances of the controversial nominee.
Photographer: Stefani Reynolds / Bloomberg
Photographer: Stefani Reynolds / Bloomberg
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The Chairman of the Federal Reserve Board of the United States (FRB), Powell, and the Secretary of the Treasury, Munyu Singh, testified yesterday at a hearing of the Senate Banking Commission on Countermeasures against the New Corona Virus, both showing their position. in support of additional economic measures. With bright signs of the new Corona Infectious Disease (COVID19) vaccine, he said it was necessary for the United States economy to survive the Corona disaster in the coming months.
Powell, who attended the hearing with Secretary Munewsin, said, “A certain amount of financial support now will help move the economy forward” and will also help prepare for downside risks, especially for small and medium-sized businesses. “The risk of an overresponse is less than the risk of being underrepresented,” he said.
Powell (right), FRB president, and Munewsin, finance secretary (December 1)
Photographer: Susan Walsh / AP Photo / Bloomberg
Meanwhile, Secretary Munewsin said he was in talks with President Trump and other Republican leaders about additional economic measures, saying, “I urge Congress to pass some measures immediately.”
Negotiations on additional economic measures remain stalled, but a group of bipartisan lawmakers announced a new plan on Day 1, valued at $ 908 billion, to break out of the stalemate.
Powell did not suggest how to deal with the risk of a slowdown in the Federal Public Market Commission (FOMC) scheduled for the 15th and 16th of this month, but said he would use all means to recover. I emphasized it again.
“There is still a long way to go,” he said, noting that around 10 million people remain unemployed. “We will use the media to ensure we survive the crisis, but we may need the support of Congress and other government agencies,” he said.
Powell and Munewsin have been present for the first time since the confrontation with the Finance Ministry emerged this month over the pros and cons of a partial expiration of the FRB’s emergency funding program. He said that no financial official wanted to lose security in an emergency and that the emergency facility could be restarted if necessary, backed by the Finance Ministry’s Exchange Stabilization Fund (ESF).
Original title:Powell and Mnuchin embrace new stimulus after Fed loan break (1) （抜 粋）
