“We will have support for the coronavirus economic relief bill,” US Treasury Secretary Mnuchin told reporters on Friday and noted that they don’t see supply chain issues as a major problem at the moment.
Mnuchin further added that they urge investors to focus on the long term and argued that markets will be higher a year from now.
“President Trump is very interested in the payroll tax cut, we are working with Congress on it,” Mnuchin said. “If Congress wants to pursue economic stimulus in a manner other than the payroll tax cut, we will work with them.”
Market reaction
Wall Street’s main indexes started the day sharply higher. As of writing, the S&P 500 and the Nasdaq Composite were both adding more than 6% in the early trade.
