Fed's Harker speaking
- There is only so much policymakers can do to affect the economy
- US has failed to control the coronavirus
- He forecasts -20% real GDP growth in the 1st half of 2020
- Sees 13% growth in the 2nd half
- He projects a 6% drop in the GDP for the year, pending the path of the coronavirus
- It will be appropriate to maintain policy rate near 0 if the economy evolves as expected
- Limited interest in Main Street loan program is a good sign because it means firms have access to capital
- Main Street facility will be in place to offer funding if there is a another major downturn