Little new from Chair Powell on 60 Minutes......>

FED: Little new from Chair Powell on 60 Minutes appearance Sunday (which was

recorded on May 13, after Powell had made very similar comments in a webinar).

Yes, he pushed back against negative rates again while reiterating "there's a

lot more we can do", contemplating the shape of the downturn/recovery, etc...

- A key message he was trying to reiterate to a broader audience is that

Congress may need to do more on the fiscal front: "I don't give them advice on

particular policies. But I would say, if I may, that policies that help

businesses avoid avoidable insolvencies and that do the same for individuals --

keep workers in their homes, keep them paying their bills. Keep families solvent

so that...we're in a position to have a strong recovery."

- Also reiterated that "is not the time to prioritize" concerns over the growth

of Federal debt.

- This is probably the same message he'll give in his CARES Act Senate testimony

alongside Tsy Sec Mnuchin on Tuesday. Full transcript is here:

https://www.cbsnews.com/news/full-transcript-fed-chair-jerome-powell-60-minutes-

interview-economic-recovery-from-coronavirus-pandemic/