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.

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