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While testifying before the US Congress on Tuesday,  US Treasury Secretary Steven Mnuchin noted that their decision to not to extend the Federal Reserve’s COVID lending facilities was not an economic decision.

Mnuchin added that they are urging Congress to provide another $300 billion for the Paycheck Protection Program (PPP) and noted that restaurants need grants rather than loans.

Market reaction

These comments don’t seem to be having a significant impact on market sentiment. As of writing, the S&P 500 Index was up 1.17% on a daily basis at 3,664.