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Fed VC Quarles says in a Senate hearing just....>

FED
FED: Fed VC Quarles says in a Senate hearing just concluded that the Main Street
and Municipal Lending Facilities are a "top priority" for the Fed and will be
operational in weeks, and not months. Also says that unemployment will be
extremely high in the near-term.
- Otherwise, he says little new on current monetary policy (and certainly
nothing on the viability of the Fed pursuing negative interest rates), though
that is not a big surprise given Quarles' primary remit of banking supervision.
In that vein, he says that he is not aware of any bank being close to
insolvency.

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