Fed's Kaplan speaking
- he expects 25% to 30% annual decline in US GDP in 2nd quarter
- US unemployment to peak at 20%
- reopening of Texas will be very fazed, very gradual
- Fed will do what it needs to do in terms of accommodation to stimulate growth
- Fed is a lender, Congress and the treasury make grants, which are also important to stimulate growth, reduce jobless rate
- Fed to run extended period of very accommodative policy
- expects growth resume in the 3rd and 4th quarters
- Fed's lending programs are to credit worthy companies, highly leveraged companies concerned about insolvency won't be able to access them
- consumer confidence will depend a lot on availability of testing, treatment, vaccine
- consumer confidence to hinge on tackling unemployment as well
- reducing unemployment rate will also be critical in getting consumers willing to spend again
- Fed has put off framework review for the time being
