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Powell's opening statement concludes


Will continue to use 13-3 powers etc until we're confident we're solidly on the
road to recovery. This week we extended them through end-year. When the
time comes, will put these tools back in the tool box; lending powers, not
spending powers. (Same language as before on this.)

Powell then notes that Fed can't grant money to particular beneficiaries, can
only create programs for lending. "In these cases direct fiscal support may be
needed. Elected officials have power to tax and spend and make decisions
where to direct our collective resources.... It will take a while to get back
to the levels of at the beginning of the year and will take continued support
from monetary and fiscal policy to achieve that. "

Plans to conclude framework review were were delayed by the pandemic. We
resumed discussions today. "I do not have details to share today, confident we
will continue to make progress and will wrap up our deliberations in the near

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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