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US Treasury Sec. Mnuchin: Payroll tax cut to put money back into the economy

"Payroll tax cut is a stimulus mechanism that would put money back into the economy," US Treasury Secretary Mnuchin said on Wednesday.

"The administration is actively exploring how the federal government could reimburse workers for lost pay, possibly through their companies," Mnuchin explained. "The federal government should make sure people get paid for the weeks they are away from work under quarantine. There are people we are encouraging not to come to work; we don't want to penalize them for not getting paid."

Market reaction

Major equity indexes in the US continue to push lower despite these remarks. At the moment, the Dow Jones Industrial Average is down nearly 4% on the day and the S&P 500 is erasing 3.6%. 

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