Powell speech: Current crisis is not a typical downturn

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Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is making a rare TV appearance on Thursday as he speaks in an interview on NBC’s Today show.

Key takeaways

“Only limit on Fed is the amount of backstop it gets from the Treasury.”

“Every dollar from treasury can support $10 in Fed loans .”

“Ready to step in wherever credit is not flowing and will continue to do it aggressively.”

“Current crisis is not a typical downturn.”

“Could be a good rebound on the other side.”

“Confidence will return when the virus is under control.”

“Trying to assure rebound is vigorous when it comes.”

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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