Boston Fed President Eric Rosengren said yesterday that Fed has “acted quickly to address spillovers from the economic disruption” caused by coronavirus pandemic. But “we are probably going to have to do more than what was jut in the CARES Act, but I think it was a very good start in trying to mitigate some of the costs”. He referred to the recently passed USD 2T Coronavirus Aid, Relief and Economic Security (CARES) Act.
Rosengren also added “we’re witnessing the pandemic’s stark effects on public health. Meanwhile, the necessary response – social distancing – has stilled our strong economy, disrupting countless lives and livelihoods.” Social distancing practices are also “distorting the credit and liquidity flows that underpin our economy, threatening the greater pain of a full‐blown financial crisis.”