U.S. Treasury Secretary urges more fiscal policy in Congress
U.S. Treasury Secretary Mnuchin and Federal Reserve Chairman Powell both urged Congress to introduce more fiscal policies to support the economy at the Senate Banking Committee hearing. Among them, Mnuchin suggested that Congress allocate relevant funds to projects that aid small businesses and the unemployed. As for Powell, he said that the road to economic recovery is still long. The industries hardest hit by the epidemic, such as restaurants, hotels, and entertainment venues, may need more assistance. It is more appropriate for the government to provide subsidies at this stage.
Australia’s central bank announces unchanged Witte rate
After the last interest rate meeting this year, the Reserve Bank of Australia announced that the Witer rate and 3-year Treasury bond yield target remained unchanged at 0.1%, while maintaining its A$100 billion bond purchase plan, in line with market expectations. The central bank statement pointed out that the economic recovery is underway, and the recent data is generally better than expected, but the economic recovery is expected to remain unstable and slow, and it still depends on policy support.
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