More comments are crossing the wires from the US Fed Chairman Powell, with the key headlines found below.
"Is of less interest" to him if Fed's asset purchase program is labeled QE or not.
Fed is not seeking authority to buy securities other than treasuries and MBS.
There is no weekly or monthly cap on asset purchases.
The Fed is going to "go in strong" on asset purchases.
Fed is willing to be patient in assessing when to raise rates back from near zero.
He has no reason to be tested for coronavirus.
He does expect to do some teleworking himself.
Fed has plenty of space to adjust its liquidity, forward guidance, asset purchase policies.
Fed has not requested any further tools from congress.
The Fed has not done a summary of economic projections this time.
Economic outlook is heavily dependent on spread of virus and actions taken to mitigate it.
It is hard to say what will happen in Q3 and Q4.
There certainly could be a need for broader fiscal policy.
The Fed will be looking at treasury market function, prepared to use tools when and as appropriate to support flow of credit.
Measures that the US takes with social distancing etc will affect duration of coronavirus outbreak.
The Fed has plenty of policy space and tools left.
Typically fiscal policy "does play a major role" when there's an economic downturn, probably needs to be case here as well.
Fed is in ongoing contact with central banks around the world, including one-on-one and group calls.
Financial system is much more resilient than it was a decade ago.
Fed learned from repo operations that it needed to "go direct", rather than go through primary dealers.
Fed is working through different solutions, finding the ones that will work in this situation.
Fed has nothing to announce on 13.3 powers.
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