Fed Will Leave Rates At Zero As Powell Vows Continued Aggressive Action To Prop Up Economy

Federal Reserve Chairman Jerome Powell pledged on Wednesday that the central bank will continue to use its “full range of tools” to cushion the economic blow caused by the coronavirus—at the same time, he emphasized that the Fed’s powers are limited to those granted to it by Congress and lamented that the United States was not in better fiscal shape in the months and years leading up to the current crisis. ...

“The path of it is highly uncertain, but we will be there with our tools, supporting the economy and supporting that recovery,” Powell said. Powell reiterated that the Fed’s tools are limited to lending rather than spending or grantmaking; the Fed can offer loans to businesses affected by the crisis, but it must do so under the expectation that the firms it lends to will be able to repay the money.

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