A clear disconnect between the Treasury and the Fed – Marketplace

A clear disconnect between the Treasury and the Fed – Marketplace

Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin testified earlier than the Senate Banking Committee in regards to the CARES Act — and it just about appeared like they had been speaking about two completely different economies. Powell targeted on the large image, whereas Mnuchin caught to the letter of the regulation. And that might make passing extra COVID-19 support even more durable. Plus: Most states have been underpaying pandemic unemployment advantages, and Capitol Hill continues to be overwhelmingly white. Your help…

Why the Treasury wants its money back – Marketplace

Why the Treasury wants its money back – Marketplace

Treasury Secretary Steven Mnuchin advised the Federal Reserve Thursday that he desires his a refund. Effectively, not his cash, however relatively $455 billion from the CARES Act. The cash supported a couple of half a dozen Fed applications that stabilized credit score markets. On at the moment’s present: a take a look at what the Fed was utilizing that cash for, and what it may nonetheless do because the pandemic rages on. Later: California has new office security guidelines, and residential births are on the…