Comments from Powell in response to reporter questions:
- We think policy is currently well positioned, otherwise we would change it
- The path ahead of the economy is highly uncertain
- We had 128 month expansion but never got inflation to sustainably 2% so we have to be humble
- We're going to be deploying our tools, all of our tools, to the full extent for however long it takes to get back to full employment
- We would be prepared to tolerate or I should say to welcome very low readings on unemployment without worrying about inflation
- We're not thinking about raising rates, we're not even thinking about thinking about raising rates
- Many differences between now and the Great Depression
- We ultimately do see a full recovery over time
- We could see significant job growth in the coming months
- It's way too early to be changing longer-run forecasts
- There have been gains in market...(awkward pause) functioning. We don't take that for granted
- We're now in the final run-up to starting Main Street facility
- We're prepared to adapt further with all our facilities
- This is the biggest shock in living memory and the fiscal response has been large, forceful and very quick; it's 14% of GDP
- It's possible we will need to do more and it's possible Congress will need to do more
- Some different possible approaches to $600 unemployment supplement are out there and look promising
- The evidence of one jobs report is that we might have bottomed in May but we'll see, we're not going to overreact to a single data point
- Main Street lending will start 'soon'
These comments are almost universally dovish but the only real place you're seeing it is gold and copper.
