Mnuchin testifying today
- Believes another bill needed to put money into economy but needs to be more-targeted to sectors having difficulty reopening
The rally in risk assets has three legs and all of them need to keep providing good news:
- Fiscal spending
- Central bank easing
- Virus numbers contained
Kick out any one of those legs and there will be trouble.
The full quote from Mnuchin isn't exactly encouraging:
"We want to be both careful at this point at seeing how much money is in the economy. A lot of the money is still not in it. And two, I think we need to be much more targeted at this point."
