Feds Harker on CNBC: Never faced a situation like this before

Speaking on CNBC

• Unprecedented shock to the system
• Many jobs will come back but slowly
• Never faced a situation like this before
• unprecedented shock has caused a lot of dislocation to the economy
• Disproportionate hit on the economy is low income workers
• Recovery will happen sector by sector and that public events will be among the last to come back
• Fed is committed to doing what it takes to get us through this period in American history
• Fed is not trying to choose winners and losers with emergency facilities
• In terms of monetary policy we are going to stay low until we can achieve it dual mandate