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Trump ends stimulus talks, spurning Powell and roiling markets

Bloomberg
Bloomberg10/7/2020 09:10 AM GMT+08  • 5 min read
Trump ends stimulus talks, spurning Powell and roiling markets
Americans’ incomes fell by 2.7% in August as supplemental insurance benefits from the first round of stimulus expired.
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President Donald Trump ended talks with Democratic leaders on a new stimulus package, hours after Federal Reserve Chair Jerome Powell’s strongest call yet for greater spending to avoid damaging the economic recovery.

“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump said Tuesday in a tweet.

Stocks tumbled after Trump’s posting called an end to months of hard-fought negotiations between the administration and Congress. Democrats had most recently pushed a US$2.2 trillion ($3.0 trillion) package that failed to garner Republican support in the House, while the White House had endorsed US$1.6 trillion.

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