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 up