The Federal Reserve just extended its epidemic lending programs by the end of the year

The program, which includes the Main Street loan facility that lends to small and medium-sized businesses, was previously scheduled to end in late September.

The Fed said, “will extend three months … to fix that provides economic certainty will be facilities for” programs said, “an important Bakstop.”

Fed Chairman Jerome Powell has repeatedly said that more action from both the central bank and Congress will be necessary to get the economy through this crisis.

Economic data has improved since the worst effects of lockdown, and has risen to record highs with the stock market. Nevertheless, many economists believe that this recovery is fragile.

At that point, more data is tapped into a busy week for important economic events: The Fed’s two-day monetary policy meeting gets underway on Tuesday, concluding at 2:00 ET Wednesday in its monetary policy update, a press with Jerome Powell at 2:30 pm ET after the conference.

Thursday to take the first look at the broader measure of gross domestic product, the economy in the second quarter, and it is expected to be ugly. Economists predict an annual decline of more than 34% between April and June, including the worst days of the epidemic lockdown.
Earlier this week, Senate Republicans proposed another $ 1 trillion pandemic relief package. The proposal includes $ 600 per week, cutting the federal boost for regular unemployment benefits to $ 200 per week.


Leave a Reply

Your email address will not be published.