Find the original article here.
Federal Reserve Chairman Jerome Powell said the reopening of the U.S. economy — and the accompanying upturn in spending and hiring this spring — has happened sooner than central bank officials expected.
But he said the push to lift restrictions on commercial activity carried other risks, evidenced by recent increases in coronavirus infections and hospitalizations in states across the U.S. South and Southwest.
“We have entered an important new phase and have done so sooner than expected,” Mr. Powell said in testimony prepared for delivery Tuesday morning before a congressional committee. “While this bounce back in economic activity is welcome, it also presents new challenges — notably, the need to keep the virus in check.”
Powell and Treasury Secretary Steven Mnuchin are slated to testify before the House Financial Services Committee as part of quarterly appearances required by the $2 trillion relief package Congress approved in March, which provided more than $450 billion for the Treasury to cover losses in emergency lending programs run by the Fed.
The Fed has established nine different emergency lending programs, including several to backstop lending to large and small companies, cities and states with $195 billion provided from the Treasury to cover losses.
Read the rest here.
This is America’s New War (Not Coronavirus)
Here’s something I can pretty much guarantee you won’t hear anywhere else…
Because it’s still in its infancy, most people don’t yet really recognize what’s happening in America right now…
In short: a new war is erupting.
But it’s not a war between countries and big armies… or between states and the federal government. And it’s not necessarily a political war either, although both parties will soon be involved.
Instead, it’s a war between people who understand a life-changing new trend… and everyone else.
This battle, by the way, was predicted as long ago as the 1930s, by a Nobel Prize Winning economist.
It’s scary how accurate his predictions have been so far… and what they say about our future. You’ll see exactly what I mean in a minute.
Why should you care?
Because ultimately, this war will result in the biggest legal transfer of wealth in the history of mankind – bigger than any political revolution by a huge margin.
And it won’t just be the middle class that gets left behind.
All across America, millions of lives will be destroyed by changes only a handful of Americans fully grasp right now.
Even wealthy people will be shocked at how quickly their money and savings can disappear.
The good news is, no one in America can do a better job of explaining exactly what is happening—and more importantly, what you can do about it—than the founder of our research firm, Porter Stansberry.
Please, no matter what you are doing or how “safe” you feel you are today, pay attention to what Porter has to say.
Heed Porter’s warnings, follow 3 steps he recommends today, and help others understand what’s happening too.
Because this is a seminal moment, one that will determine your family’s fate for many years to come.
You can find Porter’s one-of-a-kind analysis and his 3 recommended steps on our website here…