Overview
- The administration directed Fannie Mae and Freddie Mac to purchase about $200 billion in mortgage-backed securities in a bid to lower mortgage rates.
- Treasury tapped the Exchange Stabilization Fund to underwrite roughly $20 billion for a currency swap with Argentina, according to Axios.
- Market analysts say the White House is relying on existing balance sheets to bypass Congress, raising legal and constitutional concerns about appropriation authority.
- A White House spokesperson said the approach fulfills an America First mandate to address affordability and national security without needlessly increasing taxpayer spending.
- Raw Story reported that federal prosecutors opened a probe into Fed Chair Jerome Powell tied to past testimony, a development it said rattled markets.