Powell's testimony for House hearing will be identical to remarks in Senate
|Reuters reports that the Fed says Powell's prepared testimony for house hearing on Wednesday will be identical to remarks delivered today in the Senate.
The overriding message from US Treasury Secretary Mnuchin and Fed Chairman Powell’s joint testimony to the Senate Banking Committee is more fiscal stimulus is needed now, analysts at ANZ bank explained:
''Mnuchin urged Congress to make a decision before the current session breaks up for Christmas.''
''He favours extending unemployment benefits and deploying the unused funds in the Paycheck Protection Program. Powell strongly supports extra fiscal stimulus that will help get the economy to the other side.''
Market implications
Strong stocks, weak dollar, solid euro and high-beta forex in general.
- Wall Street Close: The risk-on flows keep on flowing
- EUR/USD leaps to fresh highs with a bullish hourly close
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.