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

FED
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." 
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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