Fed, Treasury Spar Over How Much COVID-19 Relief Needed

Is the Fed from Venus and the Treasury from Mars?

The battle between U.S. Treasury Secretary Steve Mnuchin and Federal Reserve chairman Jerome Powell was in full view last week as the two testified before Congress. The two offered different visions about the U.S. economic outlook, with the Administration—facing an election in a few months—offering a more upbeat view of a “V”-shaped recover, unsurprisingly.

Basically, the Treasury offered a more hesitant approach to new federal a...

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