Philly Fed Pres. Harker, voter, gives remarks...>

FED: Philly Fed Pres. Harker, voter, gives remarks to the Delaware Chamber of

Commerce. Highlights: 

- No mention of potential for negative rates in prepared remarks.

- Q2 data will be "brutally painful." Repeating comments of two scenarios in H2:

(1) Without second wave of cases, sees H2 rebound with above-trend GDP growth in

2021. (2) If second wave of Covid cases in H2, then "painful contraction" in

2021. 

- March surge in Tsy purchases was aimed at liquidity, and was not "quantitative

easing 2.0."

- Fed is "thinking carefully" about setting up facilities that can provide

direct lending to colleges, universities, and nonprofit medical institutions --

key sectors for his district.

- Fed emergency lending facilities and CARES Act are not stimulus, but

"insurance."