Global Macro Service > Research Briefings > United States

Policy response cheat sheet (w/e 20 Nov)

Treasury Secretary Mnuchin has demanded that the Fed return all unspent CARES Act funds backstopping five of its emergency facilities by December 31. This effectively closes the facilities for new lending at year-end and would make it much harder for the Fed to restart them under a new administration. The action also raises pressure on the Fed to provide more stimulus via QE. This week also saw the Senate fail to confirm Judy Shelton as a Fed Governor.

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