Federal Reserve Chair Powell and Treasury Secretary Mnuchin are facing a Senate grilling on stimulus spending during the Covid-19 crisis. Follow live updates:
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin arethis morning, answering questions about the large scale monetary and fiscal stimulus their institutions have deployed to help the US economy through the coronavirus recession.
Powell, who in recent remarks has stressed how people at the lower end of the income spectrum are bearing the brunt of this recession, will once again make that point to the Committee: "People have put their lives and livelihoods on hold at significant economic and personal cost. All of us are affected, but the burdens are falling most heavily on those least able to carry them," the central banker's
read, calling the scope and pace of the downturn unprecedented and worse than any recession since World War II.reported a job loss in March. He will also stress that the Fed is committed to use the"full range" of its tools to support the economy as part of the public sector response to the crisis.
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