Tue, 09/22/2020 – 10:25
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