Watch Live: Powell & Mnuchin Face ‘Mad’ Maxine In Congressional Testimony

Watch Live: Powell & Mnuchin Face ‘Mad’ Maxine In Congressional Testimony

Tyler Durden

Tue, 09/22/2020 – 10:25

Secretary of Treasury Steve Mnuchin joins Fed Chair Jay Powell to testify to Maxine Waters and her House Committee on Financial Services this morning.

We suspect, if recent history is any guide, the focus will be on how The Fed and Treasury can hand out more money to minorities and those most disadvantaged by the government-imposed lockdowns, all the while unable to see the real driver of inequality sitting – ironically masked – right in front of them… the asset-value-inflating Fed!

Powell’s preamble, released yesterday, defended the lack of success in The Fed’s Main Street Lending Facility – so we suspect some pressure there from Maxine and her pals. And of course, there will be plenty of fault apportioned as to who is to blame for a lack of further stimulus (which Powell has implicitly hinted at as being desired).

Speaking just ahead of the testimony, Fed’ Evans dropped these two headlines…

  • *EVANS: RECESSION DYNAMIC TO HIT IN BIG WAY WITHOUT FISCAL HELP
  • *EVANS: ADDITIONAL FISCAL SUPPORT `FUNDAMENTAL, VERY IMPORTANT’

…making it very clear what The Fed thinks needs to be done!

Watch Live (due to start at 1030ET):

 

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Author: Tyler Durden

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