Fed Chairman Jerome Powell urges Congress to aid the economy
June 17, 2020
In today’s Daily Download episode, HousingWire covers Federal Reserve Chairman Jerome Powell’s statements to Congress about the nation’s economic vitality.
For some background on the story, here’s a summary of the article:
Failure to provide additional legislative support to an economy reeling from COVID-19 will worsen the inequality that has led to mass protests in America in recent weeks, lead to more small-business failures, and extend the recession, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee on Tuesday.
Powell said he wouldn’t comment on whether or not specific programs should be enacted or extended, including the beefed-up unemployment benefits scheduled to expire at the end of next month. But he did say more help was needed from Congress.
“If a small or medium-sized business becomes insolvent because the economy recovers too slowly, we lose more than just that business,” Powell said. “The small businesses of America, that’s where the jobs are created on net, and while there are people going in and out of business all the time, what you don’t want is a wave of insolvency that will weigh on the economy for years.”
Following the main story, HousingWire covers a forecast from Fannie Mae that claims mortgage rates will remain at record lows throughout 2021, the Mortgage Bankers Association’s Weekly Applications Survey that indicates purchase applications now sit at an 11-year high, and a forecast from the National Association of Realtors that projects homebuilding will continue to lag household formation.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode:
