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- Fed's Powell: We will continue to use our tools to their fullest until crisis has passed and economic recovery is well under way
Fed's Powell: We will continue to use our tools to their fullest until crisis has passed and economic recovery is well under way
- Additional policy measures may be needed to avoid lasting damage
- Scope and speed of downturn "without modern precedent"
- Outlook highly uncertain and downside risks significant
- Policies will need to be ready to address a range of possible outcomes
- Overall policy response to date has provided measure of relief and stability, and will provide some support to recovery when it comes
- But coronavirus crisis raises longer-term concerns
- Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with stronger recovery
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