1/ Important quotes from Jay Powell's comments this morning:
“While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks.”
“While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks.”
2/ “Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery. This tradeoff is one for our elected representatives, who wield powers of taxation and spending."
3/ “This time there was no economy threatening bubble to pop. And no unsustainable boom to bust. The virus is the cause and not the usual suspects.“
4/ “When this crisis is behind us, we will put these emergency tools away.”
5/ "The result could be an extended period of low productivity growth and stagnant incomes. We ought to do what we can to avoid these outcomes. At the Fed we will continue to use these tools to til the crisis is passed and the economic recovery is well underway."
