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On Tuesday, Fed Chairman Jerome Powell and US Secretary of Treasury Steven Mnuchin were on fire, as US lawmakers complained about an uneven distribution of aid funds during the pandemic.
Powell and Mnuchin reported to the Senate Banking Committee, during which the US Congress discussed whether trillions of dollars should be added in the aid funds allocated to support the economy, which was halted due to the restrictions imposed in March and April.
Senators were also expected to have sharp questions about additional actions necessary to keep the US economy afloat, since so far, allocating about $ 3 trillion of aid is not possible.
As more states reopen businesses, the government started to close the eight-week program of transfering money to small businesses to avoid layoffs.
Mnuchin, in a written report published on Tuesday, said that he sees high unemployment in the second quarter, but the overall situation will improve when more businesses start to open.
"Working in close cooperation with the governors, we will begin to open businesses in a way that minimizes risks for employees and customers," said Mnuchin. "We expect better economic conditions in the third and fourth quarters," he added.
Powell, in his prepared remarks for the hearing, said that the law passed in March on quarantine assistance, as well as the expansion of lending programs, were "very important."
Other programs aimed at helping large companies and municipal bonds issuers in the face of a sharp decline are just beginning.
The US Central Bank lowered interest rates to almost zero and created a wide network of programs to ensure the functioning of financial markets during the pandemic. It created precedent lending programs for companies, as well as the first-ever corporate bond purchases.
Powell forecast unemployment to reach 25%, and US GDP to shrink by 20% or more. Positive "medical indicators", which can strengthen consumer confidence, will also be decisive.
The White House reports that on Tuesday, before the hearing, Mnuchin met with Vice President Mike Pence, Senate Majority Leader Mitch McConnell and House Minority Leader Kevin McCarthy in the US Capitol.
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