US Treasury Sec. Mnuchin, Democrat Senate leader Schumer meeting again over coronavirus relief package
|According to the US media reports, US Treasury Secretary Mnuchin and Democrat Senate Leader Schumer are meeting again over the coronavirus relief package.
When asked Mnuchin about the likelihood of seeking a package approved, he said they are getting close, “this close.”
This comes after “Partisan battles in the US Senate on Sunday stopped a coronavirus response bill from advancing, even as negotiations continued. By a vote of 47-47, a Republican bill failed to clear a procedural hurdle that required 60 affirmative votes. Democrats were pushing for more robust help for healthcare workers and others,” FXStreet’s Analyst Ross J. Burland noted.
Further, Reuters reports that the US Senate will vote again at 1345GMT on the same US Coronavirus economic relief package bill unless bipartisan deal is made.
US Senate leader McConnel said: “Fifteen minutes after the markets open and see whether there's a change of heart" when asked about the timing of the vote.
Market reaction
The above headlines fail to ease the market concerns, as the coronavirus rapid spread continues to hit the risk appetite.
S&P 500 futures are down over 4.5%, threatening USD/JPY to break below 110.00. The US 10-year Treasury yields are falling by 12% while the Asian equities are a sea of red, led by the declines in the Australian stocks. Japanese equities, however, defend minor gains so far.
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.