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The reopening of the US economy is a judgement that has to be made by health officials, FOMC Chairman Jerome Powell said during the Q&A session of an online event hosted by the Brookings Institution on Thursday.

Key quotes

“Will be in no hurry to pull back on asset purchases or programs.”

“The economy has to be on solid footing before the Fed pulls back on emergency programs.”

“The Fed thinks monetary policy is in the right place at the moment.”

“The Fed’s focus for the next few months is on lending programs.”

“The Fed’s lending programs are broad, the Fed does not pick and choose borrowers.”

“Don’t know if there will be longer-run changes in US consumer behaviour.”

“If the US government continues to provide support, people stay home until appropriate, there is every reason to think we can be back on the road to recovery fairly quickly.”