US Treasury Sec. Mnuchin: Small businesses cannot wait two or three months for more aid

Eren Sengezer FXStreet

Update: S&P 500 futures have turned south on Wednesday amid doubts that outgoing President Donald Trump gives his nod to the deal as he would like to add curbs on tech companies to it. The safe-haven dollar is gaining ground. On the other hand, markets are cheering the UK's covid vaccine approval –a first in the Western world.

Get ready for Wednesday's trading:

US Treasury Sec. Mnuchin: Small businesses cannot wait two or three months for more aid

US Treasury Secretary Mnuchin is testifying before the US Senate Committee on Banking, Housing, and Urban Affairs.

Key quotes

"Despite the progress on vaccines, small businesses cannot wait two or three months for more aid."

"Urging Congress to make changes to Paycheck Protection Program to simplify it, allocate unused funds."

"No reason to dispute the US Bureau of Labor Statistics' unemployment data."

"Looking forward to reviewing $908 billion bipartisan Senate COVIDaid proposal."

"More fiscal response is needed but it's important to agree on something that can be passed quickly."

Market reaction

These remarks don't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was up 1.33% on the day at 3,670.

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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