Grown up

1 December 2020 By Anna Szymanski

Jay Powell testified in the Senate with Treasury Secretary Steven Mnuchin. Lawmakers from both parties tried to pull him into their battles but he stuck to his script. Mnuchin played nice too. Detaching monetary policy from politics is an increasingly fraught but worthwhile task.

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The U.S. Senate on Dec. 1 held a hearing with Federal Reserve Chair Jay Powell and Treasury Secretary Steven Mnuchin. Powell said that there was upside risk to the economy because of recent positive vaccine news, but that there was also significant uncertainty.

A bipartisan group of senators also released a $908 billion stimulus bill that would provide further pandemic-related relief to small businesses, the unemployed and industries like airlines. Republican Senate Majority Leader Mitch McConnell has been advocating spending closer to $500 billion, while Democratic House Speaker Nancy Pelosi’s last offer before the Nov. 3 presidential elections was for $2.2 trillion.

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