Highlights of Powell's opening statement:
- Retailers have been particularly hard hit
- Expect April unemployment in double-digits
- We're committed to using full range of tools at this challenging time
- Lowering interest rates cannot stop the drop in economic activity due to closures
- Preserving the flow of credit is essential to preserving economy
- We will continue to use powers proactively until we're confident hat US is solidly on the road to recovery
- "Forcefully, proactively, and aggressively" support lending markets
- Direct fiscal support may be needed for many, can help those in need
- We will continue to use our tools to ensure the recovery is as robust as possible
Unambiguous and unequivocal. The Fed is going to pin rates to zero for a long time.
