Congress hears testimony from Fed Chair Powell and Treasury chief Mnuchin for the first time since their argument over the Fed’s crisis lending facilities. Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will update Congress throughout the day. Is is their first mutual testimony since Mnuchin declined to extend authority for four lending programs that the Fed says are still needed to support the economy through the pandemic. neither party made made any reference to their public debate over the issue in prepared remarks, but are certain to be questioned about it later.
After California Governor Gavin Newsom indicated he may have to issue a new stay-at-home order to stem a growing crisis in the state’s hospitals, concerns about the economy were raised. Fed board member Lael Brainard will speak around 12 pm today , away from the congress.
Bitcoin hit an all-time high as last week’s shock sell-off was taken as a dip to buy. The digital currency stopped just short of the $20,000 mark at $19,951 but remains supported by a growing number of speculators willing to dip a toe in the water.