Stocks mixed as Fed and Treasury chiefs testify

Treasury Secretary Steve Mnuchin right speaks with Federal Reserve Chairman Jerome Powell at the start of a meeting of the Financial Stability Oversight Council Tuesday Oct. 16 2018 at the Treasury Department in Washington. (AP

While reported to be going more smoothly than round one, the second round of PPP loans faced computer processing delays and a number of publicly-traded companies ended up receiving money that Mnuchin demanded be paid back to the government.

In a hearing before the Senate Banking Committee, Mnuchin and US Federal Reserve Chair Jerome Powell said the federal government's almost $3 trillion in coronavirus rescue programmes were working to support an economy devastated by the novel coronavirus.

Prices are staging a furious comeback from last month's collapse, lifted by record supply cuts and a pickup in global fuel demand that many investors hope heralds a swift economic recovery.

The challenges of reopening parts of the economy were underscored by the hearing's format.

Powell said Sunday on CBS' "60 Minutes" that Congress and the Fed must be prepared to provide additional financial support to prevent permanent damage to the economy from widespread bankruptcies among small businesses and long-term unemployment.

Ohio Sen. Sherrod Brown, the ranking Democrat on the committee, accused the Trump administration of pushing businesses to reopen prematurely, without adequate safeguards for workers. "How many workers should give their lives to increase our [gross domestic product] by half a percent?"

"We'll review that", Mnuchin responded.

"Different facilities have different requirements", Mnuchin said. But unlike the Payroll Protection Program and other small-business lending facilities, which forgive loans when businesses keep employees on their payroll, Treasury did not stipulate anything about big businesses having to do the same.

‘Bachelorette’ Hannah Brown Apologizes For Saying N-Word On Instagram
At one point during the stream, she was seen muttering along to the lyrics of " Rockstar " by DaBaby , where the term is used. Cameron reposted Lindsay's video in his Instagram stories , adding text that says: " Rachel hit the nail on the head".

The Treasury has so far committed up to $195 billion to its lending efforts.

The Fed, the USA central bank, has slashed interest rates to near zero and set up a broad network of programmes to ensure financial markets continue to function during the pandemic. It has also established precedent-setting lending facilities for companies and the first-ever corporate bond purchases.

Treasury Secretary Steven Mnuchin looks on as President Donald Trump signs the Paycheck Protection Program and Health Care Enhancement Act in the Oval Office of the White House in Washington on April 24, 2020.

When Mnuchin said that the CARES Act airline bailout program contained "very specific requirements to keep jobs", Warren replied, "That's right, and the rest was left up to you, and what you're saying is that you won't do it".

Mnuchin disputed that characterization and said the terms of the lending programs had been negotiated with both Republicans and Democrats in Congress. Mnuchin also noted that the Treasury is willing to take on some risks in deploying the existing funds and is prepared to "take losses" with capital used in leveraging those funds.

"I think the jobs numbers will be worse before they get better", Mnuchin said, adding that the overall economy too was likely to weaken in the near term before starting to recover towards the end of the year.

"Working closely with governors, we are beginning to open the economy in a way that minimises risks to workers and customers", Mnuchin said.

Secretary Mnuchin offered an optimistic outlook for the country's rebound: "We expect economic conditions to improve in the third and fourth quarters", he said in an opening statement. House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Mitch McConnell, R-Ky., have not agreed on a chair, leaving the five-member commission without a leader.

Related News:



Most liked

Zoom Goes Down For Church Service Sunday Morning
Zoom has a global outage that is preventing users from joining meetings or see video and hear audio once they have joined. It's a constant improvisation process". "These issues appear to be limited to a subset of users", Zoom wrote in a Tweet.

Johnson & Johnson to stop selling baby powder in US
Outside the USA those numbers are reversed, Ms Widmer said, and the talc-based product will continue to be distributed overseas . J&J's cornstarch-based baby powder, which has been on the market since 1980, will continue to be sold in the USA and Canada.

Trump Says US Virus Cases Are 'Badge of Honor' for Testing
The president and his aides have also misleadingly claimed that the US's testing abilities are more robust than South Korea's. Trump said the U.S.is leading all countries with over 1.5 million cases is because the country "does more tests than anybody".

Cyclone dumps rain on India, Bangladesh, 2M head to shelters
Authorities in Bangladesh warned that the cyclone could flood vast swaths of southwestern and southern areas. Clouds cover the skies over the Ganges River in Kolkata ahead of the expected arrival of Cyclone Amphan .

Google Pixel 5 Price Leak Points to a More Affordable Flagship Phone
It will mean that the Google Pixel 4a will be even cheaper than the Pixel 3a from a year ago which started at $399 in the US. Every time he doesn't write about gadgets, he unfortunately doesn't stay away from them, even though he tries desperately.

Brady huddles new teammates for workouts in Tampa
Brady was kicked out of a closed city park amid the coronavirus pandemic when he first signed with the Buccaneers . There was no immediate reply from the team to a request from The Associated Press for comment on the workout.

Best Xiaomi Phone with 6GB RAM under 20000- Price India(19 May 2020)
The battery unit is rated at 5,020mAh which is said to be the biggest on a Redmi Note device and supports 18W fast charging. The device comes in three colour options that buyers can choose from- Aurora Blue Glacier White and Interstellar Black.

Trump Won't Display Obama's Portrait In WH, Rejecting Tradition
Trump has frequently blamed Obama for various issues he's faced as president, including for issues with COVID-19 testing . Trump promised he would "stay out of it" before telling reporters he had "no doubt" that Obama and Biden were guilty .

Coronavirus outbreaks now in four in ten care homes, Downing Street admits
Nearly four in 10 care homes in England have had outbreaks of coronavirus , a spokesperson for the prime minister has said. He stood by the principle of discharging patients to care homes, saying it was "appropriate" and "safer" in many cases.

Last Chance to Download the GTA V: Premium Edition for Free
In a follow up, the company posted that the issues have been resolved and that the game should be accessible for PC players. For the past eighteen months, Epic has gifted everything from little-known indie games to high-end AAA titles.

Lesotho PM Thabane leaves television studios after resignation address
That left Thabane no choice but to leave in a historic smooth transfer of power without a no confidence vote or elections. Among his immediate tasks as prime minister will be to pass the budget and revive the economy.

National Football League will implement changes to Rooney Rule, extending teams’ interview requirements
National Football League rules stipulate that 24 of 32 teams must vote to approve a resolution in order for it to go into effect. The league also announced expansion of Rooney Rule requirements and implementation of enhanced diversity policies.

Tristan Thompson sues Instagram model Kimberly Alexander amid paternity battle
Tristan's attorney, Marty Singer , also had some alleged things to say on the matter. Kimberly claimed Tristan and Khloé falsified the results in a social media post.

Tropical depression forms in the Atlantic; storm watch issued for North Carolina
Arthur is expected to produce one to three inches of total rainfall over coastal regions of North Carolina tonight and on Monday. The NHC embraced the out-to-sea track in their first forecast, where it also remains with their latest track update.

Rare Footage from 1935 Showing Last-known Tasmanian Tiger
Nevertheless, it survived on the island of Tasmania-which lies around 150 miles south of the mainland-into the 20th century. Filmed in 1933, the 21-second newsreel clip shows the last Tasmanian tiger on the planet.