A few further excerpts from the Powell/Mnuchin...>

US: A few further excerpts from the Powell/Mnuchin testimony Q&A:

- POWELL: Characterizes the amount the Fed has disbursed so far as "fairly

modest", says they are just getting started.

- On whether the government response to the COVID crisis has been enough: it has

been massive, but still unclear if it has been enough. Later asked about

scenarios in which Congress does or does not expand fiscal policy further, 

- Re what might be necessary in terms of further economic stimulus: we're going

to see fairly quickly how this re-opening goes. Prepared to act further.

- Says that he supports loosening some regulatory requirements in order to keep

banks lending during the crisis.

- Says that he expects the Fed balance sheet will shrink over time as assets

being bought now eventually mature (looking some years down the road), says

balance sheet expansion does not risk undue inflation or financial instability.

- MNUCHIN: Says Treasury expects to take some losses on the lending facilities.

- He also says re issuance, Treasury intends to issue significant amount of

short-term securities, then to shift to longer-dated maturities.