FED Will Use All Tools to Support the Economy

FED Will Use All Tools to Support the Economy

According to the statement made by FED President Jerome Powell, all tools will be used to correct the economy. The text of Jerome Powell's presentation on the Kovid-19 and the Coronavirus Assistance, Support and Economic Security Surveillance Act at the US Senate Banking, Housing and Urban Affairs Committee was published by the FED. Noting that the US Federal Reserve (FED) will use all the tools and keep interest rates close to zero until the economy fully corrects, Powell said:

"We are committed to using all of our tools to support the economy in this challenging period. We are aware that these movements are only part of a large public sector. We expect to keep interest rates at this level until we are confident that the economy has survived the latest events and maximum employment and price stability are on track. "

The FED has been working for months to eliminate the effects of the coronavirus (Covid-19) outbreak. Collaborating with the Treasury Ministry, the FED has been printing dollars and offering support funds since mid-March. In addition, the Federal Reserve (FED) brought interest rates close to zero and announced an emergency lending program. Meanwhile, FED President Powell invited Congress to provide financial support, along with $ 3 trillion in aid. Powell emphasized that the FED is ready to do much more when needed.