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- Fed's Chair Powell Q&A: Fed's view on negative rates has not changed
Fed's Chair Powell Q&A: Fed's view on negative rates has not changed
- We revisited this question back in October and in minutes then, all members said it wasn't attractive policy tool
- One of the reasons we're not looking at it is because we believe we have tools that work
- Evidence on effectiveness of negative rates is mixed
- Fed intents to continue tools it has already tried
- We have good toolkit and that's what we will be using
- We will lend to companies based on 2020 earnings, we hope to be in position to lend to many companies. We're willing to take risk
- Main Street lending facility will be able to go live in few weeks
- Over time, more fiscal help will be needed
- We've learned about inflation behavior with rates low
- Over the course of the next month or so unemployment will peak
- Unemployment could drop sharply but will remain well above previous low
- Economy should substantially recover once virus is under control, no reason we can't get back to very low unemployment but it will take some time
- Fed will wait-and-see on full employment in future
- The time to take action on debt and deficits is during good times
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