Economics
Powell, Mnuchin Embrace New Stimulus After Fed Lending Rift
- Powell says small businesses at risk in virus second wave
- Fed chair provides no hint of policy action later this month
This article is for subscribers only.
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.”