Tuesday Coronavirus Update: Jerome Powell and Steven Mnuchin to Testify

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Good morning, it’s Tuesday, May 19. 

Here’s your daily coronavirus update.

There are 4.8 million cases worldwide, and over 318,000 deaths.

There are 1.5 million cases in the U.S. and over 90,000 deaths.

Russia has nearly 300,000 cases, and Brazil has 255,000 cases, making it the third-highest country by case count per data from Johns Hopkins.

The U.K. has 247,000 cases and 34,000 deaths.

Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Committee at 10 a.m. today.

Powell, in prepared testimony ahead of his hearing before the Senate committee concerning the $2 trillion economic-relief package, said the Fed would double down on its commitment to do all it can to keep financial markets functioning and liquid.

“We are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response,” Powell said.

Powell noted the central bank had taken its policy interest rate to near zero and the coronavirus pandemic forced shutdowns of much of the economy in March.

“We expect to maintain interest rates at this level until we are confident that the economy has weathered recent events and is on track to achieve our maximum-employment and price-stability goals,” he said in his prepared testimony. 

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