US Treasury Sec. Mnuchin: First support payments to be direct deposited within two weeks

The US Treasury Secretary Steve Mnuchin recently provided additional details of the Federal payments to reduce the economic impact of the coronavirus (COVID-19).

Key quotes

First support payments to be direct depostied within two weeks.

Social security recipients will get checks quickly after.

More aid to come when Trump is ready.

Does not believe House oversight committee is necessary.

This doesn’t mean you’ll get your loan tomorrow, but the program will be up and running tomorrow.

Energy companies, like all other companies, will be able to participate in broad based facilities, but not direct lending out of the Treasury.

FX implications

Global markets paid a little heed to the news that carried a less important, as per the current need, information.