Powell spoke almost daily with Mnuchin in April By Reuters

Powell spoke almost daily with Mnuchin in April By Reuters


2/2
© Reuters. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell  speaks in Washington

2/2

(Reuters) – U.S. Federal Reserve Chair Jerome Powell spoke on an almost daily basis with Treasury Secretary Steven Mnuchin in April as the two officials scrambled to erect programs to soften the economic blow from the coronavirus pandemic, Fed records released Friday showed.

Powell and Mnuchin conducted 21 phone calls during the month, which now appears to have been the worst period for the economy, the readout of Powell’s calendar indicated.

That was nearly twice the number of meetings or calls with Mnuchin as Powell had in March, when the outbreak first threw the economy into a tailspin and forced the Fed to cut interest rates to near zero and, in concert with the Treasury, roll out nearly a dozen emergency support programs.

In addition, Powell held 14 calls with key U.S. lawmakers, including Senate Majority Leader Mitch McConnell in their first discussion since December.

He also met twice with Larry Fink, chief executive of BlackRock Inc (N:), the world’s largest asset management company, which the Fed hired to advise on some of its emergency facilities.

For the second month in a row, Powell also met with a health expert. On April 13, he had a 90-minute COVID-19 briefing from unidentified officials with Johns Hopkins University, which has emerged as one of the main U.S. resources for tracking the course of the pandemic.

Powell has repeatedly said any economic recovery will hinge on success in battling a disease that has sickened nearly 1.9 million Americans and killed more than 108,000. Not long after that meeting, optimism among Powell and other Fed officials for a fast recovery faded, although it is not clear that the “Johns Hopkins COVID briefing” fed into that change of tone.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME