Weekly

U.S. Treasury Secretary Federal Reserve Chairman Powell attended a Senate Banking Committee hearing last night to assess how to restart commerce and whether to carry out additional policies to improve the economic impact caused by coronavirus.

McNuchin expects the unemployment rate to get worse, but the situation will improve in the third and fourth quarters as the states begin to reopen and business activities resume.

Powell said that only when the health crisis is resolved, people feel safe to resume normal activities, can society fully recover.  He suggested that Congress, the White House and the Federal Reserve may need more help.

However, Powell warned that if the state government is forced to lay off workers in order to achieve a balanced budget, it may slow down the recovery, citing the global financial crisis and the following years.

State layoffs and lack of recruitment have indeed put pressure on economic growth.

U.S. Congress has previously approved trillions of dollars of fiscal laws to support businesses and aid workers.  But do the two men's comments mean that more money is about to be released?  The answer is expected.

As gold prices rose, the market remained uncertain about how the economy would emerge from recession. However, optimism about the development of a new type of pneumonia vaccine limited the rise in gold prices to 1745 US dollars.

The trend is still constrained by April's 1748, but 1726 is clearly supported.

The June oil price in new york did not repeat the sharp decline to negative value at the end of the May oil settlement.  The June oil settlement price was reported at US$ 32.50 per barrel, up 2.1%.

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