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
