Steven Mnuchin warns of massive unemployment

Treasury Secretary Steven Mnuchin warned lawmakers that U.S. unemployment could rise to 20% without government intervention because of the impact of the coronavirus. The Trump Administration is proposing an economic stimulus of $1 trillion or more.

• Worth Noting: Treasury Department spokeswoman Monica Crowley told Bloomberg: “During the meeting with Senate Republicans, Secretary Mnuchin used several mathematical examples for illustrative purposes, but he never implied this would be the case.”

• Be Smart: The Federal Reserve has already used much of its toolbox – bringing rates close to zero and announcing crisis-era lending programs – leaving policymakers to ease the extent of the damage with fiscal stimulus.