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?


Congress is in stalemate over adding fiscal support, chopping monetary support can do little more than damage an already fragile economy.