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People are missing the issue in criticizing their decision on the Federal Reserve’s lending facilities, US Treasury Secretary Steven Mnuchin told CNBC on Friday, as reported by Reuters. “It was clear that congressional intent was that the Fed’s lending facilities should expire at the end of December,” Mnuchin added.

Additional takeaways

“We only have $25 billion in loans outstanding.”

“We have plenty of firepower left.”

“Parts of the economy are roaring back but a lot of people are still struggling.”

“Markets should be comfortable that we have plenty of capacity left.”

“Fed always likes to keep its tools outstanding.”

“Treasury has over $800 billion in outstanding capacity, that’s a pretty good bazooka.”

Market reaction

The US Dollar Index largely ignored these remarks and was last seen flat on the day at 92.30.

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