By James Dorn, includes “… Congress could have placed the Treasury in charge of the SPVs for emergency lending and left the Fed free to focus on monetary policy and not intervene in credit markets or conduct fiscal policy. Although the Fed has moved slowly in using its firepower to purchase corporate debt—as well as in establishing its Main Street Lending Program and Municipal Liquidity Facility—there will be increasing political pressure to expand its footprint in those credit markets.”
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