Fed Will Provide Nearly Unlimited Lending, Chair Powell Says

Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee meeting on interest rate policy in Washington

'You may well see, you know, significant rises in unemployment, significant declines in economic activity, ' he said.

"We may well be in a recession", he acknowledged, while saying there's nothing fundamentally wrong with the economy and that it performed well through February.

Businesses across the nation have suddenly been forced to shutter amid lockdowns and other measures to prevent the spread of the virus. - I think people need to understand that it is not a typical recession.

'When the economy begins to rebound, then we'll be there to make sure that rebound is as strong as possible'.

But "if we get the virus spread under control, fairly quickly then economic activity can resume, and we want to make that rebound as vigorous as possible".

Federal Reserve Chairman Jerome Powell speaks at his news conference following the two-day meeting of the Federal Open Market Committee (FOMC) meeting on interest rate policy in Washington, January 29, 2020.

His choice of venue - a network morning show when many Americans are homebound and paying close attention - was itself part of a message that seemed meant to prepare people for the dismal economic data to come, counsel patience in any rush back to work, and reassure that the Fed would act "aggressively" to keep firms and families afloat.

In a separate interview on NBC's Today Show, Mr Powell said the USA "may well be in recession", but that progress in controlling the spread of the coronavirus will dictate when the economy can fully reopen.

Schools continue education remotely
The 6-year-old, Josue, has used S-T Math and ABC Mouse online , as well as crafts his soldier mom has come up with for him. Brookhaven Elementary fourth-grade teacher Regina Beard has also stayed in touch using Class Dojo and Seesaw.

Still, the Fed chair said the economy's path is largely dependent on the length and severity of the viral outbreak.

Still, the coronavirus pandemic has presented a unique situation, Powell said. 'At a certain point we will get the spread of the virus under control.

'Wherever. credit is not flowing, we have the ability in these unique circumstances to temporarily step in and provide those loans and we will keep doing that, aggressively and forthrightly, ' Powell said.

The steps come with huge bond purchases, emergency amenities to bolster credit score markets, movements with worldwide central banks to ease the provision of bucks global, and techniques for lending at once to American companies.

As of Wednesday, the Fed's stash of assets totaled $5.3 trillion.

Thus far a record 3.3. million people filed for unemployment benefits last week.

Nationwide, there have been more than 69,000 confirmed cases and more than 1,000 deaths.

The virus is thought to spread mainly from person-to-person, typically between people who are in close contact with one another and via respiratory droplets produced when an infected person coughs or sneezes.

Related News:

Most liked

United Kingdom woman, 21, dies from coronavirus despite no pre-existing health issues
Meanwhile, an 18-year-old male is said to have been the youngest person in the country to have died from the virus. Chloe, from High Wycombe, Buckinghamshire, had "no underlying health conditions", her aunt Emily Mistry confirmed.

Demi Lovato new boyfriend Max Ehrich
They have also been quarantining together reportedly. "He is a good influence on Demi and they have a lot in common". The actor who has caught Demi's eye is best known for his role on The Young and the Restless as Fenmore Baldwin.

Tokyo Olympics price tag skyrockets by $3bn
If the Olympics are moved into spring, when it's cooler in Tokyo, they clash with the end of the European soccer season. The participants agreed that drawing up a new schedule and securing venues for the games are top priorities.

Social distancing appears to have slowed New York's coronavirus epidemic
James McConville, chief of staff of the Army, said they will begin setting up the units this weekend at the center. Cuomo said the measure would not give NY enough money to make up for the widening multibillion-dollar budget gap.

Katrina Kaif Stole My Idea
Deepika recently signed the Hindi remake of the 2015 film The Intern , co-starring Rishi Kapoor. During isolation, Deepika Padukone has been sharing a lot of glimpses of her daily activity.

Idris Elba Slams Rumours Celebs Are Paid To Fake Having Coronavirus
The actor, who tested positive for COVID-19 last week, took to Instagram Live to debunk the rumor that recently surfaced. Cardi B went on Instagram Live to share a conspiracy theory that celebrities are being paid to say they have the virus.

Valve to reveal details on the new Half-Life: Alyx VR game
Alyx was very well received at the time, and is still held up as an exemplar of non-playable companions in video games . According to the leak, Valve could be making Half-Life: Alyx , a VR game, and it could be revealed at The Game Awards.

Crocs giving free shoes to healthcare workers during COVID-19 outbreak
Last week, Allbirds announced on Instagram that it would be donating free Wool Runners-its best known style-to healthcare workers. If you're a healthcare professional and you'd like to request a free pair of Crocs shoes , head to their website at 12 p.m.

Student at New West school tests positive for COVID-19
This directive includes those students who are living in on-campus residence halls, apartments, or townhouses. For commencement and the days prior, Byerly added the college would expect to house seniors on campus.

Amazon ‘surprised’ about Pentagon contract snub
Work will occur at the contractor's place of performance and is expected to be completed on October 24, 2029. There was a competitive bidding process, and no company had secured the contract .

China sees no new local coronavirus transmissions; imported cases rise
Also on Tuesday, four deaths and 33 new suspected cases were reported on the mainland with three of the deaths reported in Hubei. Meanwhile, over 800 people stuck in Hubei province since January 23 lockdown have arrived in Beijing , official media reported.

President Trump, Coronavirus task force hold briefing
John Bel Edwards (D) warned that New Orleans is scheduled to run out of hospital beds by early April. Suderman reported from Richmond, Va.

Prince Harry, Meghan Markle planning to build new home in England
After Meghan and Harry Wednesday , they started renovating Frogmore Cottage, a massive home on the grounds of Windsor Castle. The Duke and Duchess of Sussex have taken the decision to leave Canada for good according to a royal insider.

US Passes China in the number of Coronavirus Cases
About 200 people across the country died of the disease on Wednesday - including a stunning 88 people in New York City alone. Italy has 80,589 confirmed cases and more deaths than any other country with 8,215 total deaths so far.

Harlem Globetrotters Great Fred 'Curly' Neal Has Died At 77
The exhibition team introduced the sport of basketball to millions of people around the world for the first time. He's right up there with Meadowlark Lemon as one of the most popular all-time members of the Globetrotters.