60 million workers are expected to be helped by the small business loan program, US Treasury Secretary Steven Mnuchin told Fox Business Network on Wednesday.
“We need to spend what it takes to win the war against coronavirus,” Mnuchin reiterated and explained that the carrying costs of additional debt will be low due to low interest rates.”
“The US will provide $2.6 trillion in direct support for the economy, can leverage that to an additional $4 trillion through Federal Reserve,” Mnuchin added. “The Trump administration looking at different plans to support US oil producers. I expect the oil price to reach $30 per barrel by August.”
Market reaction
Wall Street’s main indexes opened decisively higher on Wednesday and were up around 2% in the early trade.
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