More on Mnuchin demanding Fed's CARES funds be returned

Mnuchin is extedning some emergency programs but declining to extend others.

Continuing for another 90 days are:

• programs providing short-term commercial paper loans to businesses
• another for money market functioning and a backstop related to the Paycheck Protection Program

Not continuing:

• The Fed’s corporate credit, municipal lending and Main Street Lending Program won’t be renewed

Related to this:

• Treas Sec Mnuchin requests that the Fed return all of the unused CARES Act funds

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On the face of it, the actions from Mnuchin will create further economic pain and problems for the next administration to deal with.