Mixed messages…Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary give different assessments of the post-Coronavirus recovery in testimonies to Congress. But both defend their monetary and fiscal stimulus measures, as lawmakers challenge them on giving preference to Wall Street over Main Street. The U.S. Congressional Budget Office has forecast GDP will plunge 38 per cent in the second quarter on an annualized basis, while the Treasury revives the long-defunct 20-year bond in order to help make up the shortfall of a record deficit. U.S. stock markets snap a three-day winning streak following questions over drug firm Moderna’s trial of an early Covid-19 vaccine. Big retail is also hit on Wall Street, as Home Depot’s higher costs eat into its net income while Walmart’s early gains don’t hold despite unprecedented online sales. And in more retail news, Facebook’s Mark Zuckerberg hopes to vie for business with Amazon’s Jeff Bezos, as he unveils a new shopping feature on the social media giant’s platforms.

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