Interest rates, remains unchanged for the recent rise in covid19 cases. This runs an hour. The pandemic continues to cause tremendous human and Economic Hardship in the United States and around the world. The most important response to this Public Health crisis has come from our healthcare workers and remaining grateful to them and many other essential workers for putting themselves at risk day after day in service to others and our country. All of us have a role to play in our nations responsibility to the pandemic. The Federal Reserve remains committed for using tools to do what we can to do as long as it takes to relieve stability and be as strong as possible. And lasting damage to the economy. In recent months Economic Activity picked up as the economy began to reopen. Many businesses opened their doors, restarted production and more people left their homes to engage in various activities which as a result Household Spending looks to have recovered half of its earlier decline, like air travel and hotels have shown much less pick up. The recovery in Household Spending likely those federal stimulus payments and expanded Unemployment Benefits which provide substantial and timely support for household incomes. In contrast indicators of business fixed investment have yet to show a recovery. Even with the improved Economic News in june, overall activity remains well below the level for the pandemic and the contraction in real gdp will likely be the largest on record. The labor market followed a similar pattern after precipitous drops in march and april employment rose strongly in may and june as many return to work on temporary layoffs. As a result of the roughly 22 million jobs that had been lost about one third had been regained since the june payroll report. The implement rate declined in may and june but at 11. One remains far above its lowest level and greater then the peak during Global Financial crisis. In addition the downturn has not fallen equally on all americans and those least able to bear the burden have been most affected. Particularly the rising joblessness was severe for lower wage workers, for women and africanamericans and hispanics. The reversal economic fortune has appended many lives and created great uncertainty about the future. The pandemic has also led an increase on inflation. Some good included food, constraints lead to higher prices adding to the burden with lost income. Weaker demand in sectors like travel and hospitality most affected by the pandemic held down Consumer Prices and overall deflation running below the symmetric to present objective. Along with the recent increases in Economic Activity have come new challenges with after declining from a peak near the end of april the number of cases of increased sharply in many parts of the country since midjune. We entered a new phase containing the virus which is essential to protect our health and our economy. As we have emphasized throughout the pandemic the past the path forward is uncertain and will depend in large part on our success in keeping virus in check. Weve seen some signs in recent weeks that the increase in virus cases and renewed measures to control it are weighing on Economic Activity. Some measures of Consumer Spending based on debit and credit card use of move down since late june, recent labor market indicators point to a slowing of the job growth among slots smaller businesses. A full recovery is unlikely until people are confident that it is safe to reengage in a broad range of activities. The path forward will depend on policy actions taken at all levels of government to support the recovery as long as needed. The Federal Reserve response to this crisis was guided by our mandates to promote maximum employment and stable prices for the American People along with our responsibility to promote the stability of the financial system. We are committed to using the full range of tools in the seat challenging time. We held our policy rate near 0 since midmarch and stated we will keep it there until we are confident the economy weathered recent events and is on track to achieve our maximum employment and price to political. We were purchasing sizable quantities of treasury and mortgagebacked securities in order to support conditions in the markets which are vital to the flow of credit in the economy. To sustain smooth market functioning and foster effective policy for financial conditions, we will continue to increase our holdings of treasury and Agency Securities at the current pace. With financial conditions, the Federal Reserve taking broad and forceful actions to moderately support the flow of credit in the economy for households, businesses large and small, state and local governments. Without access to credit families can necessities lose their homes. Businesses could be forced to downsize or close, resulting in further job losses and income losses and worsening the downturn. Preserving the flow of credit is essential for mitigating damage to the economy and promoting the recovery. Many of our programs rely on emergency lending powers requiring support of the Treasury Department and are available only in very unusual circumstances such as those we find ourselves in. A programs benefit the economy by providing financing where it is not otherwise available. In addition by serving as a backstop to credit markets programs appear to have significantly increased the extension of credit from private lenders. We are deploying these lending powers to an unprecedented extent enabled in large part by financial backing and support from congress and the treasury. We will use these powers into we are confident we are on the road to recovery. This week we extended these programs through the end of the year. When the time comes, we will put these emergency tools back in the toolbox. As i emphasized before these are lending powers, not spending powers. We can only create programs or facilities with broadbased eligibility to make loans to solvent entities with the expectation that the loans will be repaid. Many borrowers, and the overall economy, may be difficult to repay, may not be the answer. Direct fiscal support may be needed. Elected officials have the power to tax and spend and make decisions where we as a society should direct our collective resources. Policy actions that have made a critical difference to families and communities across the country. The current economic downturn, is the most severe in our lifetimes. It will take a while to get back to levels of Economic Activity and employment that prevailed at the beginning of the year. It will take continued support from monetary and fiscal policy to achieve. Before taking questions i will provide an update on the review of Monetary Policy. As a reminder we begin this public review of Monetary Policy strategy tools and communication practices, early last year. Our purpose has been to take a comprehensive look how we can best meet maximum employment and price stability ahead. In light of the generally lower level of Interest Rates around the world as is evident in our Current Situation the lower level of Interest Rates has reduced the scope, by cutting Interest Rates. Our plans to conclude this review were like so many things delayed by the pandemic. At this meeting my colleagues and i resumed our discussions. Our focus was on possible enhancements, with longer goals and Monetary Policy. This document state our goals, articulate our approach to Monetary Policy and serves as foundation for policy actions. I do not have details to share with you today but i am confident we will make progress and wrapup deliberations in the near future. We understand the work of the fed touches communities and businesses across the country. Everything we do is in service to our public mission. We are committed to using our full range of tools to support the economy and help assure that the recovery from this difficult period will be as robust as possible. Thank you. I will look forward to your questions. The financial times. The fed decided to extend dollar liquidity soft lines throughout the world. Why is that important for the fed and how concerned are you about dollars shortages through the pandemic . Our dollar swap lines, we introduced those at the beginning of this episode after the pandemic made itself present and dollar funding markets were in difficult shape at the time and the introduction of the swap lines has restored dollar funding markets around the world to fairly normal levels of activity so they serve their purpose, but we extended them yesterday morning to facilitate planning by central banks, those facilities are still there. We want them to remain in place and be available as long as they are needed and the crisis and they are far from over, we believe those in place until we are confident they are no longer needed. Nothing going on in the market right now that raises concerns. We want them to be there as a backstop for the markets. Steve leeson, cnbc. Mister chairman, you said spending powers given a lot of these programs have not been used, do you think some of this money dedicated by the treasury to the Federal Reserve should be considered to be used by congress as direct grants in need right now Given Congress is saying money is limited and things they do not want to pass a large stimulus bill, is this money doing the best for the nation as a backstop for Federal Reserve programs and i have a followup. That is a question for congress. They appropriated that many, 454 billion for facilities and a question for them. You are right that our facilities, we havent done as much lending as we thought because markets started working fairly soon after we announced the facilities in the shortterm funding facilities. The funding we thought we would. On the other hand it is important the facilities stay in place and that is why we extended them yesterday. It is important they stay in place until we are confident the turmoil from the pandemic and the economic fallout are behind us so i cant speak to what congress should do with it but it is important the facilities be fully funded in case needs arise. The Federal Reserve in bankruptcy, thank you. Not that i am aware of. Tim rose . Are you there . Lets go to david grass, nbc. No doubt you were paying attention to your predecessors on capitol hill answering questions from lawmakers and the question had to do with continuation of the pandemic, Unemployment Benefits and we heard a disincentive to work, i wonder if you would address that and as a followup i wonder what you learned about the degree to which this led to a widening of the wealth gap, the degree to which people experience two different kinds of pandemics, some getting through this based on what they have seen in the jobs they have, others struggling to get by and i wonder what additional role the fed could have been bridging that gap. On your first question i wouldnt want to be giving detailed specific advice on particular programs and the level they should be and that kind of thing but this pandemic and its fallout represents the biggest shock to the us economy in living memory. We went from the low was levels of employment and 50 years to the highest in 90 years and did it in the space of two months. I would say the response was strong, fast, broad and appropriately so and we are seeing the result of the earlier strong fiscal actions. When you see the spending that is happening, Small Businesses staying in business even though the economy has not sustainably reopened in many places you are seeing what happens with that money so in a broad sense it kept people in their homes. In the broad scheme of things there will be a need for more support from us and more fiscal policy, you see the ongoing discussions they are having and it suggests to me both sides wrangling over various provisions believe there is a need for some additional support. The last thing i will say is if the expansion, even if the reopening goes well and many people go back to work it is still going to take a long time for parts of the economy that are involved, lots of people getting together in close proximity that means many people who were laid off from those industries, bars, hotels, public entertainment and travel accommodation, many will find it hard, their wont be enough jobs for them. Those people will need support. Cant say what the levels should be. What they will need, supportive they are able to pay their bills to continue to remain in their current rental house or apartment or house if they own it. There will be a need. In terms of inequality, fair to say the burden of the pandemic have fallen heavily on people who work in the Service Industries in lowpaying jobs. It was a figure that came out of our research, 40, 000 a year or less, 40 chance of losing your job in april or may. People who have the least financial wherewithal to bear that and that happens to be heavily skewed to minorities and women. That is what the pandemic is doing. We are creating an environment in Financial Markets where those people have the best chance they can have to get back to work to their old job or new job. Everything we do is directed at that. I would say one last thing on inequality. Inequality is a growing issue in our economy for decades and it has many phases in the relative flattening off of incomes for lower and middle incomes as compared to the top, you see it in loan mobility where the chances of moving up from the bottom to the middle have declined, lower than they are in other comparable wealthy countries so it is a serious economic problem in the United States but has underlying cause is not related to Monetary Policy or response to the pandemic. Four decades of evidence suggest the flattening of Educational Attainment in the United States compared to other countries. It is about Technology Advancing too. On the wrong side of those forces your income is steady and it is a critical critical problem for society, one that falls in fiscal policy and other policies. On our employment mandate, keeping price stability, we saw what happened to people at the lower end of the income spectrum in the last expansion, the best marketing 50 years they told us, the biggest wage increases going to people at the bottom edge of the wage spectrum in that 8year expansion. The tight labor market is probably the best thing the fed can foster to go after that problem which is a serious one. Yeah . You have described your asset purchase objective as stabilizing markets and with markets having stabilized, addressing the market function before supporting macroeconomic, what is the strategy going to be with respect to using asset purchases with objectives Going Forward, thanks. Asset purchases sprang from severe dysfunction at the beginning of the Market Reaction to the pandemic and we have substantially restored, not fully but substantially restored functioning markets. This is critical. That is part of the absolute bedrock of the Global Financial markets and always accept those purchases also fostering more extensive Monetary Policy which would support macroeconomic outcomes. We understood that for some time. The programs are not structured like the q e programs were in the aftermath of the last financial crisis. Those were focused on longer run securities and they are all across the maturity spectrum but are supporting accommodated financial situations. In terms of our strategy that remains to be seen. We spent a lot of time looking at the tools we have to adjust our current stands. We feel our current Monetary Policy stance is the appropriate one. We cut rates close to 0. Those have really helped and gave Forward Guidance on those things the markets appear to understand and Market Pricing is consistent, we think the policy stance is a good one. We are prepared to adjust as appropriate to foster achievement of the force. The question, at black rock in march, april and may, tell us a little bit about the Credit Facilities for this conversation. Black rock is our agent. We make the policy decisions in conjunction with our colleagues and they execute our plans. I dont remember what i was talking about but he was head of the Service Provider checking in to make sure we were okay with the quality of the service blackrock is providing. I dont have the daily facetoface interaction with anybody at black rock, the phone calls, not very many. I think conflict are managed extremely carefully. I would have i cant recall what those conversations were but it is what you are seeing in the market. Generally exchanging information and typically trying to make sure we are getting good service from the company, that is his Main Objective when we talk. Thank you. We will go to scott horsley. Thank you, mister chairman. I wonder if you could give us an update on the coin shortage you talk to lawmakers about last month, and the economic circulatory system. The situation with coins, the quantity of coins is going up but was adequate before the pandemic. The circulation kind of stopped because stores were closed, banks were closed, customers werent spending, the coins stopped moving in the system so we have been working since that began, we saw it happening right away, we have been working to try to reverse the disruption of the supply chain and restore normal circulation, we are working with the us mint to address the issue. Just last week the mint issued a statement asking for the publics help in keeping coins circulating, various people put their coins back in circulation. We created a coin task force with stakeholders, banks, armored carriers, the banking community, credit unions, everybody in the coin supply chain were in frequent communication with the banks and the armored carriers trying to get back to where we need to be so we do think the inventories are building up. The mint is making coins as fast as they can but things happen in the factory environment, someone will come to work with covid19, this is happened in almost every factory of the country and they will shut down for a day and then come back and that kind of thing. We are closely monitoring it. It is a significant issue. We have a lot of resources on it and we are making progress. Rachel . Thank you for taking my question. I wonder if you could be specific about risks related to a double dip recession or signs the recovery was stalling compared to signs we were seeing earlier in the summer. Thank you very much. Maybe i will talk about the outlook and include your question in it. As i mentioned Economic Activity picked up in may, right through june, well below their levels. Job gains have reduced a third of the job losses from march and april and Consumer Spending reversed half of the drop but nonetheless those were stronger than we expected. What happened was along with the positive data we got, we got the virus increases in the middle of june, lots of states around the country. That brings us to a new point here which is we need in addition to dealing with the health crisis, these are people having the coronavirus and taking a terrible toll. We have got to deal with economic ramifications was what we are seeing, we monitor quite a lot of what we think of as nonstandard highfrequency data that has become a very important thing, even more important than usual in the work we do. What the data shows on balance is the pace of recovery looks like it has slowed since the cases began to spike in june. Measures of Consumer Spending based on credit card data have moved down, labor market indicators point to a slowing in job growth particularly in Small Businesses, Hotel Occupancy rates, people are not going out to restaurants, bars, gas stations, beauty salons as much. Consumer surveys dropped sharply and moved back up sharply, looked like they might be softening up. Some areas of strength, housing and Motor Vehicles strong but nonetheless on balance it looks like the data are pointing to a slowing pace of recovery but i want to stress it is too early to say how large or sustained it will be. We dont know yet because we have to wait to see the actual data on spending and employment come in and this is what we are seeing and we are monitoring it very carefully. I would be remiss in not stressing this enough. The path of the economy will depend to a high extent on the course of the virus and the measures we take to keep it in check. That is the fundamental effect about our economy right now. Two things not in conflict, social distancing measures and fast reopening of the economy go together. They are not in competition with each other. Thank you. Just to follow up on that, thanks for taking my question. You added a sentence into the statement about it depends on the path of the virus. This idea, this do you do you feel you warned back in the day that too early reopening or in cautious reopening might harm the economy, these reopenings took place sooner than they should have . We feel it might be the most central fact or most central driver of the path of the economy is the virus and your seeing that again. You saw that in the lockdown, we got cases way down and you saw the economy reopening and spending go up and hiring go up and now that cases have spiked again, the highfrequency data suggests there is a slower pace of growth at least for now. We dont know how long that will be but it is such an important sentence. We decided it needed to be in our postmeeting statement, it is so fundamental and we cant say it enough. It is really important. You think of it as three stages. There is the lockdown and we know what that looks like and we will get the data later this week on ged being down, historically low. Then there was the reopening and we would expect many many people would go back to work, those whose jobs could be done without exposure to lots of people in tight groups, they should be able to go back to work during that phase fairly quickly but that would depend on keeping the virus under control which will depend on Wearing Masks and other social distancing measures so that is where we are. It is an important factor. We thought it really had to be in a statement. Mike mckee. I was wondering what it is, you talked a lot about using all of your tools governor brainard talked about from support to accommodation, what it is you could do, you lowered rates to 0, set up lending programs and the tools you talk about are generally in the service of keeping Interest Rates low where they already are. Unless you go to negative Interest Rates i wonder what additional accommodations the fed can bring or is it up to the fiscal authorities to rescue the economy, to add additional help for it. We are committed to using our full range of tools to support the us economy at this difficult time and we will always remain committed in that sense. We have ways to further support the economy through our liquidity facilities which are effectively unlimited and we just those programs. We can adjust our Forward Guidance and asset purchases. There are things we can do, we feel we have the ability to do more but i would not disagree with the importance of fiscal policy. Fiscal policy can address things we cant address, if there are particular groups, but an actual grant as the ppp program showed you can save a lot of businesses in a case where lending a Company Money might not be view right answer and might not want because there is no business. It is a particular tool that we are using aggressively but fiscal policy is essential and i would say congresss action early in the pandemic. It is really helping and will stand up to scrutiny down the years. Very likely there will be needed for all of us negotiating over the impact and that is a good thing. You talked several times the path of the economy linked to the path of the virus in october towards the end of the year. Has the committee talked about how that might change and do you see a vaccine helping inflation wanted to be . I have to say to plan for the upside case we have that covered. We are assuming, we are continuing to assume policies need the support we are giving the public. There is great uncertainty. All of us wanted to happen as soon as possible. In terms of inflation i dont know. Fundamentally this is a this inflationary shock, how this might lead to inflation, we are seeing Inflationary Pressures around the world going into this and a big shock to demands and core inflation dropping to one and i do think for quite some time we are going to struggle against this Inflationary Pressure rather than Inflationary Pressures. Thank you. Thanks for the question. As you monitor the infections in the recovery can you speak to the trigger for doing this . On the flipside of that would it be reasonable to expect the fed to consider that . As we have said, carefully monitoring the situation, we move quickly and aggressively early and we have been monitoring the situation and markets and the economy is in a good place but we look at ways of adapting our policy as time goes by. I cant give you a specific trigger. When we think it would help, would it help more than we are doing now to foster maximum employment and stable prices . Your second question was . I cant hear you. When would it be reasonable for the fed to consider raising rates . As i said a while back we are not even thinking about raising rates. We are totally focused on providing the economy the support it will need a highly accommodative Monetary Policy and the use of tools for an extended period and we are committed to staying in this until we are very confident that is no longer needed. We are cutting back on facilities or anything like that for a long time. We are in this until we are well through it and the picture, a lockdown and reopening, a large number of people are struggling to get back to work because of heavily affected areas of the economy are going to be challenged to employ the millions of people who are now out of work, 14 Million People are now out of work who were working in february. That is going to take a while and everyone should know that we are going to be there for all of that. Thank you. Thanks for taking our question. You mentioned earlier that the labor market, in 50 years, the black Unemployment Rate was double so i wanted to ask you, we have seen some economists with a swift target of the gap between minorities and that space even if you dont get a mandate on this from congress is it something you would consider Going Forward and how would you do that . I always wanted to ask about former economists writings from last night, she gave a strong account that describes harassment that others have also spoken to. Is this your Federal Reserve . You are right, we point this out in our remarks, the aggregate was 3. 5 . Every market in every economy has longer run issues and long hours, a disparate level of unemployment between blacks and whites, this was the lowest black Unemployment Rates. We have started in recent years to focus time and attention on disparate levels of unemployment between racial groups and we call them out in testimony, with all the things we do. I think what we learned is a tight labor markets really does a lot of good things for minorities and people at the lower end of the income spectrum generally but tight labor markets took eight years, the eighth, ninth and tenth years of that expansion to get to those benefits was that is not a good strategy waiting 8 or 9 or 10 years to get there so we will get back as fast as we can because that is what we can do but society more broadly can affect these things. We dont have tools that can address disparate outcomes as well as fiscal policy and policy generally, education, healthcare, those things are more general in doing that. You will see that you will see the block in Unemployment Rate. I clearly understand it is something to way when you get a tight labor markets, very much in our thinking points, we dont have the best tools to address that. It is something we are doing. I have not have not seen that blog posts, we have been in meetings until just before this. I will take a look at it. Without reading to understand it. To acknowledge there has been a lot of pain and injustice and unfair treatment in the workplace. It has been going on far too long and like every other organization the fed could have done more and should have done more. I would say we have made it a very high priority to have as diverse and inclusive an organization as we can and weve made a lot of progress where views are welcome and must do so respectfully. A lot of organizations are coming around to understand the importance of that. My experience of that is my career in business too that organizations, the really successful organizations in our society mostly get it they want to attract the best people by having a diverse and inclusive workforce and work place so we make diversity a priority. We had the two heads of the task force on this, been burning key and janet yellen, we cohosted an event last year or the year before, 500 people or Something Like that listening in about these issues so we are doing a lot. We could do more. We are doing a lot to foster a respectful climate particularly for women but all people. It is a high priority for us as an organization. When this is over. Don lee. On the labor market jobless claims and new hiring activity has weakened. How are the risks of the Unemployment Rate rising with job growth turning negative this summer . I mentioned earlier we are watching this highfrequency data. The official labor Market Reports come out once a month. No one has had a good record predicting what they are going to say. May and june humility is appropriate in terms of thinking we understand how this is going to do. All we can say is there is evidence in highfrequency data, you get pictures of peoples movements. We are seeing a slowdown in the rate of growth. It might be short lines and might not be in seems to be related, the timing of it is related to the spike in cases that began in the middle of june. I dont want to get ahead of where the data are on this. The data over the next couple months will answer that question and recent experience suggests there is clearly a risk we need to see a slowdown in Economic Activity and hiring. It might be a robust level we will not know more data coming in. Victoria . Thanks for taking my question. You all use your Emergency Authority for Corporate Bonds. What is the scope of your authority . Could you buy equities for example . We havent looked at that, havent thought about buying equities but we are bound by the provisions of 133 which requires that we make facilities, applicability meaning it cant just be focused on one entity. Has to be a broad group of entities. The solvency of the borrowers amended after the financial crisis is written in a way that was meant to make it challenging to bail out large financial institutions. There was a lot to make sure they would be solvent and things like that. We have to meet those requirements. Lets make a complete list, we felt using these facilities that we could buy Corporate Bonds and Municipal Bonds too. To follow up quickly, is it supposed to be primarily directed at debt instruments when you talks about borrowers . The statute doesnt say that. You could read the statute if you want. We havent tried to push it to the theoretical limit of it. Clearly it is supposed to replace lending, stepping in to provide credit at times when the market is not functioning. That is fundamental to what we are doing with 133 so you have got to sort of work within that framework. Thank you. Craig rob. Thanks for taking my question. One of the things that is unusual is companies are cutting wages and salaries, something we havent seen much. I wonder what the fit is thinking about this. It seems that inflation would be more volatile in the coming months and years. The main thing that tells you is the labor market has a long way to go to recover. We had a good labor market. It wasnt perfect. There are always going to be issues in the economy but the labor market has a long way to go even with two very strong months of job creation, 7 million jobs between the two month we have 14 Million People unemployed. It is a long way to go and that leads to a situation with so many people looking for jobs and the economy only partially reopened so until the economy or as the economy fully reopens people can go back to work so it is a tough situation. I have read reports of that, the reported wages went up, lowpaid workers didnt go back to work so average Hourly Earnings went up but clearly clearly the pressure, there will not be much upward pressure on wages and compensation at the aggregate level in a world where an awful lot of people are looking for work. It underscores the urgency of doing what we can to restore the labor force and support those who want to be in the labor force and those whose jobs have gone away for some time as they find other work during the natural disaster. Thank you. Jean young. Thank you very much. I want to ask if you see merit to asset purchases to economic outcomes and what you consider inflation and labor Market Conditions as part of those outcomes, specific to the conditions that it ought to be before holding it back . That is a great discussion we talked about in past meetings and we will in future meetings that havent made any decisions yet on that. You can tie them to dates, you can say a specific period we will keep rates in x level and achieve a certain macroeconomic goal and it could be inflation or unemployment goal as you point out. There is a traction in all of those for obvious reasons and you want to be targeting macroeconomic outcomes, date statebased guidance works too. It is not something, i would not be standing here telling you you will go this way or that way should we change our Forward Guidance. Thank you. And with that appear one leverage ratio and with that economic recovery. To approach the regulatory minimum requirements . What the stress okay, what the stress test showed is that under the regular way stress test, the banks past but right in the middle of the stress test in the pandemic. We quickly dropped in three other scenarios which were really bad scenarios. Many of the banks past but some didnt so that was done very quickly, so we pivoted and we use the provision that says theres been a chill change and were going to ask them to resubmit their capital plans. Webe also stopped buybacks, shae buybacks and limited dividends. So im working through the details of how all that will work. I think were going to send out the stress scenarios on september 30. So i would say that process is working that way. What youre making a connection to it, to the collins amendment six. Whats going on there is that like many other supervisor and regulars around the world, what we found is we have found, our banks are strong, strongly capitalized with lots of liquidity and they really been a source of strength in this crisis so far. And they have written off bad loans and things like that. They are still wellcapitalized and strong and will be i think a source strength in this situation. That when they ran up against their leverage ratio which is a non risk sensitive measure. And how much the kid grow. And then we gain that leverage with temporary relief. And with that calculation of the leverage ratio. If congress chooses to do this we want this to be explicitly temporary. This will not be a change permanently of capital standard standards. That gives us the ability and then to serve the customers better. And to have relief with the Swiss National bank. And then to go the balance sheet. I want to ask how its working in tandem with guidance . The idea you try to have some order to that announced the to some sort of explicit guidance . I do think that completion a very high priority looking forward to completing it but we were right on track we were not expecting the pandemic of cours course. Nobody was. It is important to go back and finish that and that will inform what we do Going Forward. But to a very large extent, the changes to Monetary Policy strategy codify the way we are already acting with policies to a large extent were already doing the things its just a way to acknowledge that and put into a document. I cannot say the exact timing but thats a sensible way to think about thanks very much. Thanks very much. Today, at 8 30 a. M. Eastern on cspan3 secretary of state mike pompeo before the Senate ForeignRelations Committee to review the state Department Fiscal year 2021 budget request. Friday. Friday at 9 a. M. Eastern on cspan2, niaid director anthony fauci, cdc director dr. Robert redfield and assistant secretary for health at hhs admiral giroir before the house select subcommittee on a National Comprehensive plan on the coronavirus pandemic. Watch live hearing Coverage Today on cspan3, and friday on cspan2. Lifethreatening and ondemand viewing at cspan. Org or listen on the go with the free cspan radio app. This week on q a fox news anchor Chris Wallace on his book countdown, 1945 on the creation of the atomic bomb and will lead president truman to use it on hiroshima japan 75 years ago. He agonized over this decision. He complained of sleepless nights when he was a terrible series headaches which he had throughout his career whenever he was under what he considered heavy stress. And his diary, and thats one of the joys of doing a book about people who are all gone, when i was in the president ial labor i got a hold of his diaries during the so period, the whole 160 days of talk about in the book, and he talked about the choice that using the bomb in apocalyptic terms. He kept saying this is the most terrible weapon ever discovered, and he compared it to the fire and destruction prophecy in the bible. Fox news anchor Chris Wallace sunday at 8 p. M. Eastern on cspans q a. Next, fiona hill former National SecurityCouncil Director for russia under President Trump discusses russias battling and the 2016 u. S. President ial election and whether they will continue their Disinformation Campaign in his 2020 election cycle. The Wilson Center hosts this hourlong discussion. Before we start of our trip might everybody who is tuning in you can stay uptodate with all of our upcoming events, publications and more on our website at wilson said her daughter wor a