#stevenmnuchin

Mnuchin and Powell Address the Future of the U.S. Economy Treasury Secretary Steven Mnuchin and the Federal Reserve chair, Jerome H. Powell, offered stark assessments to the Senate Banking Committee about the economic damage the coronavirus outbreak has caused. “We have had to take unprecedented steps to shut down significant parts of our economy in the interest of public health. As a result in the second quarter of this year, we are continuing to see large unemployment and other negative indicators. It is important to realize that the large number represents real people. This is why it is so important to begin bringing people back to work in a safe way. We expect economic conditions to improve in the third and fourth quarter, and into next year.” “Some sectors of the economy have been effectively closed since mid-March. People have put their lives and livelihoods on hold, making enormous sacrifices to protect not just their own health and that of our loved ones, but also their neighbors and the broader community. While we are all affected, the burden has fallen most heavily on those least able to bear it. The sacrifices we’re all making represent an investment in our individual and collective health. As policymakers, we should continue to do what we can to help cushion the blow. This reversal of economic fortune has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future. The Reserve is committed to using our full range of tools to support the economy in this challenging time.” #coronavirus #covid19 #stevenmnuchin (at United States of America) https://www.instagram.com/p/CAeiRTjh9fw/?igshid=x2k7nmijxs9o