Logan is the NY Federal Reserve head of open market operations, these from remarks to the NY Fed's forex committee
- says scale of Fed's purchases of treasuries and MBS have been 'unparalleled
- says Fed's commitment to support market functioning has calmed trading conditions and allayed the potentially self-fulfilling fear that conditions might deteriorate further
- says some aspects of market functioning may not return all the way to pre-crisis levels for some time
- says today's crisis is different from great financial crisis, having originated outside the financial system, in an enormous challenge to public health
- says Fed will use its tools aggressively to keep markets working so that credit can flow to households, businesses, and state and local governments
- says many challenges surely lie ahead for the economy and financial markets
Headlines via Reuters
