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Federal Reserve’s Harker says unprecedented shock has caused a lot of dislocation to the economy.

Key comments

  • Harker says Fed is not going to bring all financial markets back to where they were but can help them function.
  • Harker says recovery will happen sector by sector and that public events will be among the last to come back.
  • Harker says the disproportionate hit to the economy is to low-income Americans.
  • Harker says fed is committed to doing what it takes to get us through this period in American history.
  • Harker says fed is not trying to choose winners and losers with emergency facilities.
  • Harker says in terms of monetary policy, we’re going to stay low until we can achieve the dual mandate.

More to come…