Fed says aid will be recovered’ quickly, Trump cancels stimulus talks

President Donald Trump canceled talks on a new stimulus plan to boost the crippled US economy until after Tuesday's election, citing recent developments in the sinking Wall Street and long-delayed negotiations. 

Fed says aid will be recovered’ quickly, Trump cancels stimulus talks


Tuesday afternoon's tweet has raised unrealistic hopes that the follow-up to the $ 2.2 trillion CARES Act, passed in recent days by House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin to end the coronavirus crisis. Talks on the move had begun.

 

Federal Reserve Chair Jerome Powell on Tuesday called for more spending to help the United States weather the crisis that has caused tens of millions of dollars in annual GDP stagnation and a historic contraction. Is.

 

But Trump accused the Democratic House leader of "distrustful talk" and said he had told Senate Majority Leader Mitch McConnell to move toward opening the Supreme Court instead of endorsing his appointed judge. Pay attention

 

Trump tweeted, citing the wrong personality of the Democrats' latest proposal, "Nancy Pelosi is seeking 2.4 trillion bails for misconduct, high crime, democratic states."

 

"We have made a very generous offer of 6 1.6 trillion and, as usual, she is not negotiating in good faith. I am rejecting her request, and looking for the future of my country. I am. "

 

The president's tweet dampened the spirits of Wall Street traders, who were hoping for another injection of congressional cash, and the Dow fell 1.3 percent.

 

Trump's opponent in the November election, Joe Biden, lashed out, saying the president had "turned his back on every single worker whose job has not yet returned ..." to families struggling to pay their rent. Turn your back, put food on their table, and take care of your children. "

 

- Need help -

 

Should he win the election in which police beat Biden, Trump added that he would work with Congress to "pass a major stimulus bill that focuses on hardworking Americans and small businesses."

 

The president said he had asked McConnell to turn his attention to the Republican-controlled chamber over the confirmation of Amy Connie Barrett, the Supreme Court seat vacated last month by the death of Ruth Bader Ginsberg, which would give Conservatives a six to three majority ۔

 

Earlier, Powell told an economics conference that the US recovery from Coyote-19 would be "stronger and faster" to get more government support to avoid the possibility of a sharp rise in job losses. Could be

 

"Too little help will lead to poor recovery, creating unnecessary hardship for families and businesses," Powell said.

 

"Even if the policy measures finally prove to be superfluous, they will not be wasted."

 

However, both programs ended in late July, and despite weeks of negotiations, Pelosi, Mnuchin and other top officials stayed away on how much to spend on another bill.

 

Any move was expected’ to partially restore the weekly payments and small business assistance program to the unemployed.

 

It could also provide additional funding to the worst-hit airlines, which withheld more than 30,000 people in early October when budgets in the budget under the Care Act expired.

 

- Trade on Hope -

 

Art Hogan of National Securities told AFP that recent Wall Street gains were key to congressional surplus spending, but that "the door that was slow to open has closed."

 

Figures released by the Labor Department last week show that the pace of hiring professionals in September is slower then in previous months, with a disappointing 661,000 jobs added.

 

Statistics, meanwhile, show that more than 800,000 people file new claims for unemployment benefits each week, more than six months after the business closed, in the wake of the 2008-2020 global financial crisis. The worst is more than a week.

 

Hogan said last week that Mnuchin and Pelosi had revived the talks and the businessmen were happy, but now they have been’ fired.

 

"It has gone from being a tool to being the headwind of this market," he said.

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