US Treasury Sec. Mnuchin: Existing relief package to get us through next 8-12 weeks

Eren Sengezer FXStreet

US Treasury Secretary announced that they are planning to release the documents and instructions for small business to apply for the coronavirus relief loans on Monday.

"If we run out of money for small businesses, we will ask Congress for more money," Mnuchin told Fox Business. "We think the existing relief package gets us through the next 8-12 weeks.

Regarding President Trump's comments about potentially introducing a hazard pay for first responders, Mnuchin said it made a lot of sense. "When we're ready, we will reopen and the economy will surge back," Mnuchin concluded and argued that it was a great time for long-term investors to be investing in the US.

Market reaction

Wall Street's three main indexes started the day in the positive territory and all were up more than 1% in the early trade.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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