Reuters news reports that Fed's Harker says this situation is very different than a typical shock that one might see to the US economy like a trade war.
Key comments
- Fed's Harker says coronavirus impact is not like the 2008 financial crisis, during which there were moral hazard risks.
- Says US government and the fed need to pull together everything possible to address coronavirus impacts and keep liquidity in the markets.
- Rolling out the commercial paper facility earlier on Tuesday was a wise move.
- Says we’re starting to see some calm in various markets.
- The discount window is important to all banks and community banks in particular.
- The final toll on the US economy from coronavirus will depend on how quickly it goes away, if there is a solution.
- Says Fed is committed to keeping interest rates low until "we see signs that we are returning to our dual mandate".
- Says he would support inflation going slightly above fed's 2% target before raising interest rates.
- More to come...
"typical" - Google News
March 17, 2020 at 07:00AM
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Fed's Harker says this situation is very different than a typical shock - Reuters News - FXStreet
"typical" - Google News
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