US Treasury Sec. Mnuchin: Working with Congress toward a phase-4 relief package

During his testimony before the House Financial Services Committee on Tuesday, US Treasury Secretary Steven Mnuchin said they continue to work with Congress toward a phase-four coronavirus relief package.

"I believe a targeted package is still needed," Mnuchin added and noted that he sees tremendous growth in the third quarter led by strong retail sales, housing activity and manufacturing growth.

Commenting on the Main Street Lending Program, Mnuchin acknowledged that they are expecting some losses on that facility and said that they are working with the Federal Reserve to improve the program.

Market reaction

The market mood remains cautious following these comments. As of writing, the S&P 500 Index was down 0.2% on the day at 3,275.