Powell, Mnuchin Embrace New Stimulus After Fed Lending Rift

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • GOP Sen. Thune Slams Biden’s’ ‘Bloated, Wasteful’ $1.9 Trillion Covid Stimulus
  • NASA Shows Perseverance Rover’s First Successful Drive on Mars
  • Stimulus Update: Senator Joe Manchin Pushes to Lower Unemployment Benefits
  • Bloomberg Quicktake: Now published this video item, entitled “Powell, Mnuchin Embrace New Stimulus After Fed Lending Rift” – below is their description.

    Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin both backed more fiscal stimulus to bridge the economy through the next few months of the pandemic as the promise of Covid-19 vaccines looms.

    “Some fiscal support now would really help move the economy along” and guard against downside risks, particularly to small businesses, Powell told the Senate Banking Committee Tuesday during a joint appearance with the Treasury chief. “The risk of overdoing it is less than the risk of under doing it.”

    Mnuchin said he is speaking with the Republican leadership including President Donald Trump, about further stimulus, adding “I urge Congress to pass something quickly.”

    Washington has gridlocked for months over providing additional fiscal aid, though a bipartisan group of lawmakers unveiled a new proposal Tuesday to break the stalemate. Rising virus cases threaten to restrain economic activity and slow the recovery at a time when millions of Americans are out of work and businesses struggle to hang on.

    Powell gave no indication how the central bank may respond to the risk of fading economic momentum when it meets Dec. 15-16, though he reiterated that it would use all of its tools to help the economy recover.

    “We do have a long way to go,” Powell said, pointing out that about 10 million people remain out of work. “We will use our tools until the danger has well and truly passed, but it may require help from other parts of the government as well, including Congress.”

    The bipartisan group of senators proposed $908 billion of support, including $300 billion of forgivable loans for small businesses, $240 billion for state and local government and $180 billion to extend unemployment benefits. Neither Republican nor Democratic leadership has signed on to the plan.

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: COVID-19

    Covid-19 is the official WHO name given to the novel coronavirus which broke out in late 2019 and began to spread in the early months of 2020.

    Symptoms of coronavirus

    The main symptoms of coronavirus are:

    • a persistent new cough (non productive, dry)
    • a high temperature (e.g. head feels warm to the touch)
    • shortness of breath (if this is abnormal for the individual, or increased)

    Latest News about Covid-19

    Below are stories from around the globe related to the 2020 outbreak of novel Coronavirus – since the WHO gave the Covid-19 naming. Most recent items are posted nearest the top.

    5 Recent Items: COVID-19

  • The challenges due to COVID-19 & the resurgence of Ebola in Guinea – Press Conference (5 March 2021)
  • Brazil COVID-19 outbreak highlights dangers of new variants
  • Stimulus stalls on Senate floor
  • Food processing workers remain vulnerable to COVID-19
  • Coronavirus: Johnson & Johnson shot adds to Canada’s vaccine arsenal
  • In This Story: Donald Trump

    Donald John Trump was the 45th President of the United States. Before entering politics, he was a businessman and television personality. Trump was born and raised in Queens, a borough of New York City, and received a bachelor’s degree in economics from the Wharton School.

    5 Recent Items: Donald Trump

  • Eric Swalwell attempting to sue Trump for ’emotional distress’
  • Stephen Miller says Biden might need ‘jumbotron’ for State of the Union
  • Trump State Department official charged for attacking police in Capitol riot
  • Calif. Congressman Swalwell sues Trump and others for inciting Capitol riot
  • ‘The Five’ torch Biden’s border security as migrants sport shirts with his name
  • Leave a Comment