Fed, Treasury in Rare Public Spat, Shelton Nomination Blocked

The Federal Reserve and the U.S. Treasury, which have otherwise worked congenially and effectively in response to coronavirus, showed signs of discord in public on Thursday when Treasury Secretary Steve Mnuchin issued a letter that refused to extend emergency lending programs. His letter stated that the programs had accomplished their objectives and that markets had been stabilized. On Tuesday, Fed Chairman Jerome Powell had publicly stated that he did not think it was time for any tools to be ...

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