Fed Chief: 'We May Well Be in a Recession'

27 Mars, 2020, 03:09 | Auteur: Auguste Feret
  • Chairman Jerome Powell speaks in Washington

Federal Reserve Chairman Jerome Powell mentioned the central bank will care for its muscular efforts to toughen the drift of credit score in the us financial system as Americans hunker down from the coronavirus pandemic.

"When it comes to this lending we're not going to run out of ammunition".

Host Savannah Guthrie asked Powell if there was a risk of inflation from the Fed allowing more money to be printed, but the chairman downplayed any such fear, saying what the Fed is doing is "healthy" and "positive". The Fed's policies will likely have their greatest impact when the economy does start to rebound, which he said could happen in the second half.

'When the economy begins to rebound, then we'll be there to make sure that rebound is as strong as possible'.

But "if we get the virus spread under control, fairly quickly then economic activity can resume, and we want to make that rebound as vigorous as possible".

To do its part, the Federal Reserve has taken unprecedented action to bolster the U.S. economy and smooth markets amid the outbreak.

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In its efforts to curb the economic damage caused by the ongoing spread of COVID-19, the Federal Reserve has slashed interest rates to near zero and promised to buy an unlimited amount of government bonds.

The economic rescue bill approved by the Senate early Thursday includes $425 billion that the Treasury could use to backstop the Fed.

President Donald Trump has been critical of Powell and the Fed in the past.

Powell used the television appearance, outside the confines of the news shows or economic conferences where Fed chairs typically appear, to enforce that message and take what for a central banker is the unusual step of acknowledging the economy may be contracting even before economic data has confirmed it. "We can continue to make loans and really the point of all that is to support the flow of credit in the economy to households and businesses".

"We know that economic activity will decline probably substantially in the second quarter", Powell mentioned, including that folks had been deliberately chickening out from commonplace lifestyles to offer protection to their well being.

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