Thanks for joining us today. I would like to begin by acknowledging the tragic loss in tremendous hardship that people are experiencing both here in the United States and around the world. The coronavirus outbreak is first and foremost a Public Health crisis and the most important response is coming from those in the front lines in hospitals, emergency services, and care facilities. On behalf of the Federal Reserve, let me express are severe sincere gratitude to those who put themselves in risk. The forceful measures we are taking to control the spread of the virus have brought much of the economy to an abrupt halt. It is worse worth remembering the measures we are taking to combat the virus are an investment in our individual and collective health. We should do everything we can to provide relief to those suffering for the public good. While many standard Economic Statistics have yet to catch up with the reality we are experiencing, it is clear that the effects on the economy are clea
Around the world. The coronavirus outbreak is first and foremost a Public Health crisis and the most important response is coming from those in the front lines in hospitals, emergency services, and care facilities. On behalf of the Federal Reserve, let me express our sincere gratitude to those dedicated individuals who put themselves at risk. The forceful measures that we as a country are taking to control the spread of the virus have brought much of the economy to an abrupt halt. Many businesses have closed, people have been asked to stay home, and basic social interactions are curtailed. People are putting their lives and livelihoods on hold at significant economic, and personal cost. All of us are affected, but the burdens are falling most heavily on those least able to carry them. It is worth remembering the measures we are taking to combat to contain the virus are an investment in our individual and collective health. As a society we should do , everything we can to provide relief
I should have researched. Im not sure it was thats what i said when we talked on thursday, but im not so sure about that. Do you know who Scott Galloway is . I think it has a lot to do with bro culture, and i think that is its a lot more nuanced than we think. And i think its a lot of people who are online trying to get rich quick. Mmhmm. That whole, like, against the man thing. I think thats a great narrative to spin. Im not exactly sure that is what it is because as we know, listen, you used to work in finance, didnt you . Mmhmm. You know everything is its going to go back to the fundamentals no matter how hard you try. To a certain degree. Im just worried about when that happens. There are going to be very few people who are going to get rich quick, right . Most people are going to lose money. Look, again, thats the game. Yeah. And it is a game. Im just worried about this particular dynamic because weve never seen anything like it before at this scale. And, you know, i had portnoy o
Largescale repos, as it has been doing it goes on to describe the impact of the coronavirus on the economy the way it sees it, causing tremendous human and economic hardship, the statement says and measures to protect health have been causing the sharp economic declines and the losses in unemployment and jobs on the inflation front, the Federal Reserve notes, muted inflation, says weak demand and Lower Oil Prices are holding down inflation disruptions to Economic Activity, it says, have impaired the flow of credit the Public Health crisis will weigh heavily, it says, on Economic Activity and unemployment and just a bit of analysis picking on something that was just said there, there is no forwardlooking aspect to this statement here generally, the Federal Reserve says, this policy will lead to x, continued, sustained expansion. Things like that there is nothing here where the fed says the policies we have now will lead to x in the future its all about the fed chronicling the damage to
Lendfaction, and we cannot insolvent companies it is clear these are lending bound to implement the laws that Congress Gives us. We cant make grants. That in my raised remarks is that i just want to be clear on that. Ou know, we can do what we can do and we will do it to the absolute limit of those powers. It. L keep at and you i just want people to know that we will be at it with that we authorities have until we get through this thing. We will keep using our authorities. Ut there are authorities that we dont have and there may be a need for those authorities to be used as well as ours. Powell. Hair its heather long from the washington post. I have two questions for you. Timing. Do you plan to launch the corporate facility and main lending facilities in may, early may, anything you can timing . A sense on second in a statement you referred to the fmoca refers to medium term risks from the pandemic. Think unds like you all this is going to be a long recovery, a long road to recovery. C