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Trump picks a fight with Powell. The economy loses

November 20, 2020. Summarized by summa-bot.

WASHINGTON, DC - SEPTEMBER 24: Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on September 24, 2020 in Washington, DC. The Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, is a $2.2 trillion economic stimulus bill passed in response to the economic fallout of the COVID-19 pandemic in the United States. (Photo by Toni L. Sandys-Pool/Getty Images)

A rare fight between the policymakers tasked with guiding America's economy through the Covid-19 crisis could hit businesses at an already tense moment.

What's happening: US Treasury Secretary Steven Mnuchin has pulled the plug on emergency Federal Reserve lending programs, drawing a rare rebuke from the central bank, which said they are needed to support the economy as the coronavirus pandemic continues to rage.

"When the right time comes, and I don't think that time is yet or very soon, we will put those tools away," he said Tuesday.

Coronavirus vaccines are finally in sight — and investors are celebrating by scooping up the tiny stocks most likely to benefit from the eventual reopening of the US economy, my CNN Business colleague Matt Egan reports.

Instead, investors are plowing money into the Russell 2000, an index of small-cap stocks whose values are largely linked to the health of the US economy.

Normally, it takes four or five years for small caps to hit all-time highs after a recession, according to Nicholas Colas, co-founder of DataTrek Research.

"Small-caps literally didn't go anywhere for two years," Detrick said.

The company reported revenue of nearly $589 million for the nine months ending in September, my CNN Business colleague Shannon Liao reports.

That said: Like many startups tapping public markets these days, the company is not profitable, reporting a net loss of $203 million in the nine months ending in September.

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