Mnuchin, Powell to lead G7 coronavirus call to discuss response
Powell pledged last week that the Fed would be ready to act to support the economy
Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell will lead a conference call Tuesday morning with G7 finance ministers and central bank governors to discuss the coronavirus outbreak and its economic impact, Fox Business has learned.
The U.S. is chairing the G7 this year
Powell pledged last week that the Fed would be ready to act to support the economy.
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Bank of Japan Governor BOJ Governor Haruhiko Kuroda and European Central Bank President Christine Lagarde are also on board.
Largarde said the ECB is ready to take “appropriate and targeted measures” if necessary to support the economy against the headwinds from the coronavirus.
The global economy is being impacted by the outbreak, causing the Organization for Economic Cooperation and Development to warn that steps need to be taken by central banks.
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Mnuchin is also scheduled to testify on Capitol Hill about the proposed 2021 budget. President Trump has asked Congress for an extra $2.5 billion in funding to fight the coronavirus.
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The call is reportedly set for 7 a.m. eastern.