Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks on the current state of the US economy at an event organized by the Peterson Institue for International Economics.
Key quotes
“Evidence on negative rates is very mixed, concern over negative rates is interrupting intermediation.”
“Many companies are facing liquidity problems, and that is something the Fed can address.”
“Fed has helped already through announcement effect, allowed markets to function better, companies to finance themselves.”
“Main street lending program will be able to go live in a few weeks.”
“Fed is willing to innovate and adapt as conditions evolve.”
“Fed will be a big help to companies for a while but more fiscal help will be needed over time.”
“Swap markets had a calming effect on global financial markets.”
About Jerome Powell (via Federalreserve.gov)
Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.
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