There are 10.3 million cases of the virus worldwide, with over 505,000 deaths. The U.S. has 2.5 million of those cases and 126,000 deaths.
Federal Reserve chair Jerome Powell and U.S. Secretary Treasury Steven Mnuchin will appear in front of the House Financial Services Committee.
”We have entered an important new phase and have done so sooner than expected,” Powell said in prepared remarks ahead of his testimony Tuesday. “While this bounceback in economic activity is welcome, it also presents new challenges - notably, the need to keep the virus in check.”
But Powell noted in his remarks that more than 20 million Americans have lost their jobs since the pandemic took hold in mid-March.
“The path forward for the economy is extraordinarily uncertain and will depend in large part on our success in containing the virus,” he said. “A full recovery is unlikely until people are confident that it is safe to re-engage in a broad range of activities.”
So, what do we need to hear from Powell and Mnuchin?
"If you pay rent for the restaurants, then they can afford to keep people on," said Cramer.
Cramer concluded by noting that it's crucial that a move happens fast as he expects to see the service industry begin to fail as early as the end of July.