IPFS News Link • Federal Reserve
Listen Live: Fed's Powell Holds Emergency Phone Conference Explaining Why Nothing Is F**ked Here
• Zero Hedge - Tyler DurdenHere are the highlights from Bloomberg:
*POWELL: FED'S ROLE IS GUIDED BY OUR MANDATE
*POWELL: U.S. ECONOMY WAS ON A SOLID FOOTING BEFORE VIRUS STRUCK
*POWELL: WEAKNESS ABROAD WILL WEIGH ON U.S. EXPORTS
*POWELL: POLICY MAKERS MUST DO WHAT WE CAN TO EASE HARDSHIP
*POWELL: INFLATION WILL LIKELY BE HELD DOWN THIS YEAR BY VIRUS
*POWELL: VIRUS PRESENTS SIGNIFICANT ECONOMIC CHALLENGES
*POWELL: VIRUS WILL MEAN LOWER ECONOMIC ACTIVITY FOR PERIOD
*POWELL: SEVERAL FINANCIAL MARKETS HAVE SHOWN SIGNS OF STRESS
*POWELL: WE ENCOURAGE BANKS TO TURN TO THE DISCOUNT WINDOW
*POWELL: 2Q ECONOMY IS PROBABLY GOING TO BE WEAK
*POWELL: TODAY'S FOMC'S MEETING IN LIEU OF THE TUES/WED MEETING
*POWELL SAYS FOMC WON'T HOLD ITS PLANNED MEETING THIS WEEK
*POWELL: FORWARD GUIDANCE, ASSET PURCHASES ARE OUR BASIC TOOLKIT
*POWELL: ASSET PURCHASES ARE AIMED AT RESTORING MARKET FUNCTION
*POWELL: BOND BUYING WILL FOSTER MORE ACCOMMODATIVE CONDITIONS
*POWELL: WHAT WE DID TODAY WILL BE BENEFICIAL TO FINANCIAL MKTS
*POWELL: 2Q ECONOMY IS PROBABLY GOING TO BE WEAK
*POWELL: HARD TO SAY HOW BIG EFFECTS WILL BE, HOW LONG WILL LAST
*POWELL: WE WILL CONTINUE CLOSELY MONITOR DEVELOPMENT
*POWELL: WE DON'T HAVE THE TOOLS TO REACH INDIVIDUALS, SMALL BIZ
*POWELL: DON'T SEE NEGATIVE RATES AS APPROPRIATE POLICY IN U.S.
*POWELL: FISCAL POLICY IS A WAY TO DIRECT MORE TARGETED RELIEF
*POWELL: WE DO THINK FISCAL RESPONSE IS CRITICAL
*POWELL: RESTORING MARKET FUNCTION SUPPORTS ECONOMIC ACTIVITY
*POWELL: ASSET BUYS AIMED AT SUPPORTING CREDIT AVAILABILITY
*POWELL: FED NOT SEEKING PERMISSION TO BUY OTHER SECURITIES
*POWELL: ASSET BUYS AIMED AT SUPPORTING CREDIT AVAILABILITY
*POWELL: FED IS GOING TO BUY SECURITIES AT A STRONG RATE
*POWELL: THAT LANGUAGE IS OPEN ENDED, SENDING SIGNAL TO MARKET
*POWELL: WE'RE GOING IN STRONG STARTING TOMORROW, ACROSS CURVE
*POWELL: WE'LL WILLING TO BE PATIENT ON RATES
*POWELL: WATCHING TO DETERMINE IF ECONOMY HAS WEATHERED VIRUS
*POWELL SAYS HE FEELS FINE, VERY WELL, NO REASON TO BE TESTED
*POWELL: LOT OF POWER IN OUR LIQUIDITY TOOLS, FORWARD GUIDANCE
*POWELL: WE HAVE PLENTY OF SPACE TO ADJUST OUT POLICY
*POWELL: DECIDED THURSDAY TO MOVE THE MEETING UP BY THREE DAYS
*POWELL: MAKING A FORECAST IN CURRENT CLIMATE DIDN'T SEEM USEFUL
*POWELL: U.S. ECONOMY STARTED FROM STRONG POSITION
*POWELL: 2Q WILL BE WEAKER, HARD TO SAY WHAT WILL HAPPEN IN 2H
*POWELL: NO FED FORECASTS THIS MONTH, NEXT LIKELY IN JUNE
*POWELL: FISCAL POLICY CAN REACH DIRECTLY TO AFFECTED SECTORS
*POWELL: BROADER FISCAL STIMULUS WILL DEPEND ON PATH OF ECONOMY
*POWELL: HARD TO SAY WHAT WILL HAPPEN BUT MAY BE NEED FOR THAT
*POWELL: WILL WATCH TREASURY MARKETS FOR RETURN TO NORMAL
*POWELL: WILL USE TOOLS TO SUPPORT MARKET FUNCTION, CREDIT FLOW
*POWELL: ECONOMIC DATA WILL FOLLOW THE SPREAD OF THE VIRUS
*POWELL: DURATION OF VIRUS EFFECTS WILL HINGE ON MEASURES TAKEN
*POWELL: WE HAVE PLENTY OF POWER LEFT IN OUR TOOLS, POLICY SPACE
*POWELL: THERE IS ROOM FOR US TO DO WHAT WE NEED TO DO
*POWELL: FISCAL POLICY TYPICALLY PLAYS A MAJOR ROLE IN DOWNTURNS
*POWELL: BANKS ARE HIGHLY CAPITALIZED, SYSTEM IS RESILIENT
*POWELL: WE'RE IN ONGOING CONTACT WITH MAJOR CENTRAL BANKS