Fed Chair Jerome Powell said the central bank can contribute to fighting the coronavirus pandemic in important ways, “by providing a measure of relief and stability during this period of constrained economic activity, and by using our tools to ensure that the eventual recovery is as vigorous as possible.”
“When the spread of the virus is under control, businesses will reopen, and people will come back to work”, he added. ” There is every reason to believe that the economic rebound, when it comes, can be robust.”
Earlier in US session, Fed further ramped up its emergency actions by detailing the new USD 2.3T loan facilities to deliver credit to small businesses and municipalities. It also expanded measures introduced last month to back corporate debt markets.
