Cleveland Pres Mester on BBG TV pushes back.....>

FED: Cleveland Pres Mester on BBG TV pushes back against idea that Fed is

encouraging "risky behavior", when asked about risk asset rally amid Fed

backstop announcements over past few weeks:

- Says: Need to use our tools as best we can to get through the pandemic, want

to lend to firms who through no fault of their own are impacted by the virus.

I.e. supporting "fallen angels" who were investment grade before the virus hit.

Need to do all we can to ensure we aren't doing permanent damage to the

underlying economy, so that we can decent recovery out of this.

- Re buying high-yield ETFs: Trying to make sure markets stay functioning. Look

at ETFs as a market-functioning issue.