By Reuters Staff
3 Min Read
WASHINGTON, Jan 19 (Reuters) - Janet Yellen, U.S. President-elect Joe Biden’s nominee for Treasury Secretary, will urge lawmakers on Tuesday to “act big” on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.
In prepared testimony at her confirmation hearing, Yellen said her task as Treasury chief will be to help Americans endure the final months of the coronavirus pandemic, and rebuilding the U.S. economy “so that it creates more prosperity for more people and ensures that American workers can compete in an increasingly competitive global economy.”
By Reuters Staff
1 Min Read
WASHINGTON, Jan 19 (Reuters) - The U.S. Federal Housing Finance Agency on Tuesday extended the pause on single family home foreclosures and real-estate owned evictions put in place amid the COVID-19 pandemic for another month through Feb. 28.
The moratorium had been set to expire Jan. 31, according to the agency, which oversees Fannie Mae and Freddie Mac. (Reporting by Susan Heavey Editing by Chizu Nomiyama)
By Reuters Staff
6 Min Read
NEW YORK, Jan 19 (Reuters) - Janet Yellen, U.S. President-elect Joe Biden’s nominee for Treasury Secretary, urged lawmakers on Tuesday to “act big” on the next coronavirus relief package, adding that the benefits outweigh the costs of a higher debt burden.
Yellen’s testimony before the Senate Banking Committee came one day before Biden is to be sworn into office, having last week outlined a $1.9 trillion stimulus package proposal. The plan calls for bold investment to jump-start the economy and accelerate the distribution of vaccines to bring the virus under control.
The S&P 500 was up Tuesday afternoon after the hearing concluded. The U.S. dollar index was off and U.S. 10-year Treasury note yields eased.
South Africa's rand strengthened on Tuesday as the U.S. dollar retreated from a one-month high with traders keeping a close eye on the policies of the incoming Joe Biden government.
British Health Secretary Matt Hancock said he is self-isolating until Sunday after receiving a warning from the health service's COVID mobile phone app that he may have been in contact with someone who tested positive.