An open revolt from the Fed, this is very strong language at this level of governance, make no mistake:
- “The Federal Reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still-strained and vulnerable economy.”
Fed responding to:
The Fed is, in effect, pleading for assistance in supporting the economy but the Trump administration is refusing.
I can’t recall a public spat like this between the Fed and Treasury?
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Congress is in stalemate over adding fiscal support, chopping monetary support can do little more than damage an already fragile economy.