To the economy. Today my colleagues on the foc and i kept Interest Rates near zero and maintained her sizable asset purchases. These measures along with our strong guidance on Interest Rates on our Balance Sheet will ensure that Monetary Policy will continue to deliver powerful support to the economy until the recovery is complete. The path of the economy continues to depend sidibe drama course of the virus but a resurgence in recent months and covid19 cases hospitalizations and deaths is causing great hardship for millions of americans and displaying on economic and cavities. Following a short rebound of economic at tivoli last summer at the pace of their coverage is moderated in recent months with the week is concentrated in the sectors of the economy most affected by the resurgence of the virus by greater social distancing. Household spending on Services Remain low especially in sectors that require people to gather closely including travel and hospitality. Household spending on goo
Update from prudential regulators. This is a timely discussion as we engage with the nations prudential regulars amidst the health care and economic devastation of the covid19 pandemic. In queens in other parts of new york city have been very part hardhit. We at seven marquesas and more deaths than most states in the country. I did knit this healthcare cris millions have lost their jobs and loss of income compounded the Economic Impact. But thanks to the doddfrank wall street reform and the implication of the decade before the financial crisis, the nations Banking Sector has emerged and develop a bright spot with adequate capital and worked with clients to restructure mortgages and loans and extend credit. But but i that serious concerns about the implementations of the ppp Stimulus Program and the role some of the banks played and prioritizing loans are Large Companies rather than Small Businesses a minority community. But thanks to the hard work of chairwoman waters and chairwoman ve
Beijing says mainland infection rates are falling rapidly. The virus continues to wreak economic havoc. Data shows acrosstheboard slumping china for the first time on record. Shery lets take a quick check of the markets closed in the friday session and how u. S. Futures are reacting to that emergency rate cut. We are seeing u. S. Futures accelerating losses at the open, down more than 4 despite the fact we saw another emergency rate cut by the Federal Reserve and President Trump expection x resting satisfaction expressing satisfaction. This comes on the cut friday and we saw the s p 500 seeing its best day since 2008. We have every sector of the s p 500 index in the green, rising at least 4 following the worst session since 1987. We did have the president also coming out with many measures to support the economy including a declaration of National Emergency and moving to prop up energy prices. A moratorium of federal student loan interest. Not to mention the private sector jumped into
Secretary Steven Mnuchin on the u. S. Economy and Financial Stability. He talks about Digital Currency, World Bank Lending at the potential impact of Climate Change. Ready to go . The committee will come to order. Without objection, the chair is authorized to declare a recess of the committee at any time. This hearing is entitled promoting stability, reviewing the administrations regular approach to Financial Stability. I want to inform all concerned that this meeting will end at 1 p. M. Per the request of the secretary. I now recognize myself for four minister give an opening statement. So let me welcome back secretary mnuchin. Today we are here to discuss the Trump Administrations actions that have undermined and not promoted our nations Financial Stability. As ive said many times before, i am very concerned about this administrations actions to eliminate important protections for consumers, investors and our economy. It appears that our banking regulators are following that te dereg
Waters the committee will come to order. Without objection, the chairs authorized to declare a recess of the committee at any time. This hearing is entitled promoting stability, reviewing the administrations deregulatory approach to Financial Stability. I want to inform all concerned that this meeting will end at 1 00 per the request of the p. M. Secretary. I now recognize myself for four minutes to give an Opening Statement. So let me welcome back secretary mnuchin. Today, we are here to discuss the Trump Administrations actions that have undermined and not promoted our nations Financial Stability. As i have said many times before, i am very concerned about this administrations actions to eliminate important protections for consumers, investors and our economy. It appears that our banking regulators are following the deregulatory blueprint that the Treasury Department, under secretary mnuchins leadership, has mapped out point by point and rolling back many of the Critical Reforms demo