Fed Funds Rate: 0.08%
Federal Reserve Target: 0.25%
Prime Rate: 3.25%
Major political/legal events impacting currencies:
Today, Steven Mnuchin, Secretary of the U.S. Department of the Treasury, and Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System, will testify before the U.S. Senate Committee on Banking, Housing and Urban Affairs. Questions are expected to seek clarification as to Secretary Mnuchin’s request that remaining funds from the CARES Act be sent back to the Congress’ general fund. Chairman Powell will reiterate the need for fiscal policy in the face of increasing COVID-19 infections and an economy that is still on the rebound.
Source: U.S. Senate Committee on Banking, Housing and Urban Affairs