U.S. stock futures pointed toward a rebound at the open Tuesday following President Donald Trump's suggestion Monday night that a payroll tax cut and other stimulus measures may be in the works.
However, inside the administration, some officials were stunned by Trump's claim Monday that he would hold a press conference Tuesday to announce an economic plan. "That was news to everyone on the inside," one official said.
The president's schedule for Tuesday includes a 5:30 p.m. ET media briefing for his coronavirus task force. Treasury Secretary Steven Mnuchin and Larry Kudlow, the president's top economic advisor, are slated to head to Capitol Hill on Tuesday to brief Senate Republicans on some ideas and try to get a sense of what is possible.
Another administration official making his views known in the coronavirus response is Peter Navarro, a key advisor to Trump on trade matters. Navarro joined a meeting of the president's economic team Monday in the Oval Office, and then later appeared at Trump's press briefing with the task force. Navarro is pushing the payroll tax cut as part of the coronavirus response, according to officials.
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