Powell publishes essay in the WSJ


Read it here.

  • Says he became convinced covid-19 would spread globally at G20 in late Feb
  • The ensuing downturn was unprecedented in speed, breadth and intensity
  • The scope of the crisis required an all-in government response
  • We used all the tools at our disposal to prevent a financial meltdown and ensure that credit could continue to flow to households and businesses
  • Today the situation is much improved, the outlook is brightening
  • The recovery is far from complete, so at the Fed we will continue to provide the economy with the support that it needs for as long as it takes

There's nothing here to change views on monetary policy. He talks more in generalities. I'm not sure what the point of this was.