Powell speech: Credit programs not subject to dollar limit

Following the Federal Open Market Committee's (FOMC) decision to keep the policy rate unchanged within the target range of 0-0.25%, Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, is responding to questions from the press.

Key quotes

"Economy and many borrowers will benefit from Fed programs; others will need direct fiscal support from government."

"Will continue to use tools to ensure when recovery starts it is as robust as possible."

"Credit programs not subject to dollar limit."

"Policies to protect firms and families from avoidable insolvencies would carry a hefty price tag but would avoid longer term damage to economy."

About Jerome Powell (via Federalreserve.gov)

"Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028."