Jerome Powell, Chairman of the Federal Reserve, made the following remarks today in an interview on NBC:
- The United States "may be in recession," but progress in controlling the spread of the virus will indicate when the economy will be fully reopened.
- We are not experts in the epidemic ... we tend to listen to experts.
- Each dollar of Treasury backstop can support $ 10 of Federal Reserve loans.
- The Federal Reserve is ready to intervene while credit does not flow.
- The current crisis is not a typical downturn.
- When the virus is under control, confidence will return.
- The priority should be to control the virus.
- There is nothing fundamentally wrong in our economy.
- Economic activity is expected to resume in the second half of this year, but it depends on the virus.
- The Federal Reserve still has room for further action.
