The U.S. government's handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Banking Committee.
WASHINGTON - The U.S. government’s handling of its massive economic response to the coronavirus pandemic will come under scrutiny on Tuesday as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Banking Committee.
Senators are expected to grill Mnuchin and Powell about actions still needed to keep the world's largest economy afloat and about missteps in rolling out some $3 trillion in aid so far. Other programs aimed at helping larger companies and municipal bond issuers through a sharp recession are just getting started and Powell and Mnuchin may provide details on their application.
In remarks broadcast on Sunday night, Powell said unemployment may hit 25% before it begins to fall, with a contraction in gross domestic product of 20% or more. He added that positive “medical metrics” that can build consumer confidence would be critical to economic recovery.
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