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Powell Rules Out Monetary Financing

FED

Q: Some have suggested ways to go out of your mandate to support the economy, which in essence would be fiscal support, ie buying state and municipal securities directly, perhaps following the BOE in increasing asset purchases to support additional fiscal programs/Tsy spending..is there any circumstance you would consider this?

- A: If your idea is monetary financed fiscal policy, that's not something we would consider... We have a specific job to do with a specific set of tools, but we're not going to get into financing the government. When we buy Gov't bonds, it doesn't change the amount of gov't bonds outstanding... You change the nature of the obligation but not the total debt outstanding...

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