Comments from Powell in response to questions
- We think our policy stance is appropriate today and we're prepared to adjust it
- There are various ways we can adjust our tools going forward
- We think the 'very powerful forward guidance we've announced today'
- Effectively we're saying that rates will be very low until we're far along in the recovery
- More fiscal support is likely to be needed
There was a small amount of USD strength when Powell indicated that QE levels are appropriate. That's a hint at just how dovish the market wants the Fed chair to be. But I take it more as a short-term blip. One the dust settles, ultra-low rates are a very powerful thing.
- Moderate means moderate. It means 'not large'
- So far economy has proven resilient to the lapse in some CARES Act benefits
- Says unemployment might be 3% higher if people incorrectly counted as out of the labor force are counted
