The Fed has deployed its lending powers “to an unprecedented extent,” Fed Chair Powell said yesterday. “We will continue to use these powers forcefully, proactively and aggressively, until we’re confident that we are solidly on the road to recovery.”
Powell added later that it was impossible to put a firm timetable on when the U.S. might turn the corner.
As for the Fed's efforts, he said central bank officials won't be in a hurry to curtail any of liquidity and lending programs or the move to near zero for short-term benchmark interest rates. When it comes time to wind down the programs, he said the Fed will do so "gradually and predictably" and said it would be "in no hurry" to stop its open-ended asset purchases.
Nevertheless, Powell pointed out that the economy has been strong before prevention efforts aimed at halting the coronavirus spread put a large share of the U.S. productive capacity offline. But he added that while the Fed has worked to provide loans, Congress likely will have to provide direct cash injections to those areas of the economy that need it.
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