Friday, March 27, 2020

"We want to make that rebound as vigorous as possible"

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Federal Reserve Chairman Jerome Powell said Thursday the U.S. economy may already be in a recession as the coronavirus pandemic forces unprecedented shutdowns across the nation — but suggested there could be a "solid rebound" once the virus is contained. ⁣ ⁣The U.S. central bank, facing an economic threat that Powell said is like no other, has unleashed its full firepower to support the economy, including slashing interest rates to near-zero, purchasing an unlimited amount of Treasurys (a practice known as quantitative easing) and launching crisis-era lending facilities to ensure that credit flows to households and businesses. ⁣ ⁣Powell said many of the initiatives will be used to support the economy's eventual recovery and directed Americans to the Senate's $2 trillion stimulus plan for immediate relief. One of the key tenets of the proposal, the largest relief package in recent memory, is up to $1,200 cash checks for adults earning less than $99,000 annually.

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Labor Secretary Eugene Scalia said Americans could start receiving relief checks within three weeks, as the coronavirus pandemic forces an unprecedented shutdown of the nation's economy, leaving millions unemployed. ⁣ ⁣"Those checks from the IRS, they'll be out we hope within three weeks," Scalia told Fox Business' @MariaBartiromo during a Thursday morning interview. "So that's some immediate cash relief." ⁣ ⁣The massive $2 trillion stimulus plan includes payments of up to $1,200 for individuals who earn less than $99,000 annually and $2,400 for couples, with $500 added for every child. The aid is based on 2019 tax returns for those who filed them and 2018 information if they have not done so yet. (via @morningsmaria)

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