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Chairman Powell and Treasury Secretary Steven Mnuchin to appear before the Senate Banking Committee. Both officials expected to offer complementary views of rescue programs, FXStreet’s analyst Joseph Trevisani informs.

Key quotes

“Even though the White House and the Fed have taken slightly different paths in the last few weeks with Mr. Powell advocating more fiscal spending and Secretary Mnuchin suggesting an assessment period for the current stimulus before providing more, the two are likely to stress the complementary nature of the government measures.”  

“The Fed chairman has repeatedly said that the central bank is not considering negative rates as it “doesn’t see much benefit to them.”

“The White House has said that it wants any future relief bill to include a payroll tax cut while the House Democrats have proposed an additional $3 trillion in various programs but oppose general tax relief.”