US Treasury yields fell on Friday after US Treasury Secretary Stephen Mnuchin decided to allow several of the Fed’s emergency funding programs to expire on December 31.
Treasury yields declined yet Mnuchin issued a letter On Thursday he said It will not extend the Federal Reserve programs That used congressional money the CARES Act. This reduces the ability of the Federal Reserve to support the financial system.
The Fed rejected Mnuchin’s decision, saying, “The Fed prefers that the full suite of emergency facilities created during the coronavirus pandemic continue to play an important role as an anchor for our still-stressed and vulnerable economy.”
The number of people filed for unemployment in the United States last week was higher than expected, according to data released by the Labor Department on Thursday.
Jobless claims totaled 742,000 for the week, ahead of 710,000 estimates from economists surveyed by the Dow Jones.
There will be no auctions on Friday.
– CNBC’s Steve Laysman and Jeff Cox contributed to this article.