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MNI BRIEF: Fed Would Use QE Only When Rates At Zero - Powell

USCentral Bank NewsPolicy NewsFederal ReserveEM Policy NewsEM BriefBriefStoryNorth America

MNI (WASHINGTON) - The Federal Reserve will only use QE to support the economy when interest rates are pinned at the zero lower bound, Chair Jerome Powell told Congress on Tuesday, also indicating that the central bank isn't close to ending its current quantitative tightening program. 

"We would use QE going forward only in a situation where rates are at zero and we're a long way from zero now," he told senators on Capitol Hill in Q&A. As to the current QT program, Powell said reserves are still "meaningfully above" ample levels and the program "has a ways to go." 

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MNI (WASHINGTON) - The Federal Reserve will only use QE to support the economy when interest rates are pinned at the zero lower bound, Chair Jerome Powell told Congress on Tuesday, also indicating that the central bank isn't close to ending its current quantitative tightening program. 

"We would use QE going forward only in a situation where rates are at zero and we're a long way from zero now," he told senators on Capitol Hill in Q&A. As to the current QT program, Powell said reserves are still "meaningfully above" ample levels and the program "has a ways to go."