While testifying before the United States Congress on Tuesday, the United States Secretary of the Treasury, Steven Mnuchin, noted that his decision to not extending credit facilities to combat COVID from the Federal Reserve 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 restoration need grants rather than loans.
Market reaction
These comments do not appear to have a significant impact on market sentiment. At time of writing, the S&P 500 Index is up 1.17% on the day at 3,664.
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