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Free AccessMNI POLICY: US Needs Another Major Fiscal Package: IMF Execs
The IMF on Monday urged Congress to dole out more aid to carry the economy through the pandemic, days after talks to extend the USD600 a week federal top-up of jobless benefits that expired last month broke down.
IMF executives wrote in their annual Article IV assessment that "an additional sizable fiscal package would be needed to strengthen health preparedness and sufficiently boost demand, including through increased federal transfers to state and local governments."
The report Monday said executives largely agree with the earlier Article IV report by IMF staff published last month, which said the biggest risk is from another round of Covid-19 shutdowns that requires continued fiscal and monetary policy support. President Donald Trump over the weekend offered executive orders on relief programs that may not stand because it infringes on the powers of Congress over spending.
The Fed has done a good job so far and can do more, the report said. "With inflation and employment likely to remain below targets for an extended period, Directors saw scope for more action, including through expanded asset purchases and more explicit forward guidance, while closely monitoring potential risks to financial stability," the report said.
"The U.S. financial system has been resilient in the face of the recent economic and financial shock. They called for continued vigilance given risks from the recession, rising corporate leverage, a continued migration of activity to nonbank financial institutions, and complex interlinkages among institutions and markets. Directors emphasized the need to preserve bank capital buffers and stringency of prudential requirements."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.