Treasury Secretary Mnuchin and Fed Chairman Powell testified to a Senate committee on Tuesday in their first quarterly report on the government’s multi-trillion-dollar rescue aid for households and businesses.

• Powell said that the Fed’s lending programs for medium-sized businesses and state and local governments would begin operating by the end of this month.
• Under sharp questioning, Mnuchin defended the administration’s support for reopening the economy in many states, which he said would be done safely.