Moments before 11am, with stocks tumbling and at session lows, we had just one question: where was Jerome Powell, the man who according to NY Mag's very own Fed apologist and sycophant, Josh Barro, is now the people's Hero 2.0 (not to be confused with Hero 1.0 as defined by another socialist rag)?
Well, we literally got the answer just milliseconds later when Bloomberg headlines hit that the Fed would further ease terms on its Main Street Lending Program targeting smaller businesses:
*FED LOWERS MINIMUM LOAN IN MAIN ST PROGRAM TO $100K FROM $250K
*FED: PPP LOANS OF UP TO $2M CAN BE EXCLUDED FROM BORROWER DEBT
*FED: MAIN ST. TO DATE HAS MADE ALMOST 400 LOANS TOTALING $3.7B