Powell begins presser. Statement initially......>

FED: Powell begins presser. Statement initially covers "forceful measures that

we have taken as a country have brought much of the economy to an abrupt halt".

Economic statistics have yet to catch up with the reality we are experiencing,

which are severe. Adds that economic activity will likely drop at an

unprecedented rate in Q2. Inflation held down, reflecting demand and

significantly lower energy prices. Depth and duration of downturn

extraordinarily uncertain, will depend on when virus is brought under control,

and severity will depend on actions taken by government / Fed.

- Preserving the flow of credit is essential for mitigating the damage to the

real economy, with Fed taking "broad and forceful" actions to remove strains. In

light of improvement in transmission channels, we have slowed our pace of

purchases. We will continue our purchases of Tsys and MBS.

- Are deploying emergency lending powers to an unprecedented extent, stresses

these are lending, not spending powers. [Powell speaking to the taxpayer/average

American here: saying that elected officials have the power to tax and spend,

and make decisions about resource allocation, etc]. Opening statement concludes.