Fed Chair Powell: We are committed to using all tools to safeguard the economy

Fed Chair Powell is crossing the wires, speaking at the FSOC meeting in Washington and has stated that they are now working on the main street business lending program.

Key comments

• The Federal Reserve has taken a series of aggressive actions.
• We are committed to using all tools to safeguard the economy.
• Working now on a Main Street business lending program.
• Fed committed to using all tools to safeguard economy.
• Fed has been purchasing 125 billion insecurities every day this week.
• Fed has been Buying corporate bonds, asset-backed securities, municipal bonds, and mortgage-backed securities.
• Established a $300 billion treasury back lending program.
• Fed is setting up Main Street loan facility.
• Fed is lowering the target rate by 1.5% to 0.25%.

More to come...