Washington Post

Treasury Secretary Mnuchin cuts off Federal Reserve's emergency aid programs, sparking unusual rebuke from Fed

U.S. Treasury Secretary Steven Mnuchin. Foto: Bloomberg/Jason Alden

WASHINGTON - Treasury Secretary Steven Mnuchin on Thursday said he would not extend most of the emergency lending programs run in tandem with the Federal Reserve, a move the central bank immediately criticized, citing the fragile recovery.

The Fed's exceedingly rare public response reflected a government divided on how to act as the pandemic surges across the nation, threatening a new wave of shutdowns and marking an inflection point of the economic recovery...

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