Fed’s purchase of energy company debt continues to raise questions, Pelosi, Mnuchin fail to reach deal, and more

The Federal Reserve’s purchase of bonds issued by energy companies continues to draw scrutiny, even as central bank officials say it is part of their broader efforts to support corporate borrowing and is intended to help the economy navigate the coronavirus pandemic.

Critics of the Federal Reserve’s corporate bond-buying efforts say the purchases have given a lifeline to the fossil fuel industry.

House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin on Monday failed again to close major differences on a fresh stimulus for a U.S. economy facing a renewed surge in Covid-19 cases.

In their first call since last Wednesday, the two main negotiators still had not resolved language for a national testing and tracing program for the coronavirus, according to Pelosi’s spokesman Drew Hammill.

Producing hydrocarbons to meet the world’s energy needs has underpinned Texas’ economy for more than a century, which is why so many are terrified of a low-carbon future.

Transforming markets, after all, have left a trail of destruction across the United States. Textile workers in the Southeast, autoworkers in the Midwest and loggers in the Northwest, have all lost jobs and entire industries from foreign competition, automation and environmental concerns.