Federal Reserve’s Powell: “There’s A Lot More We Can Do”

May 21, 2020, By fierce,

The Federal Reserve isn’t ready to throw in the towel on the economy just yet. “There’s a lot more we can do,” said Federal Reserve Chairman Jerome Powell, as quoted CBS News 60 Minutes, as quoted by CNN. “We’ve done what we can as we go. But I will say that we’re not out of ammunition by a long shot. No, there’s really no limit to what we can do with these lending programs that we have.”

In prepared remarks, as quoted by CNBC, “The Federal Reserve’s response to this extraordinary period has been guided by our mandate to promote maximum employment and stable prices for the American people, along with our responsibilities to promote stability of the financial system. We are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.”

If the market likes it sees from the Fed, the Dow could easily race even higher.

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