Q&A Continues

Q: Did reopenings happen too soon?

• A: The most central fact/driver of the path of the economy right now is
  the virus. In lockdown, when we got cases way down, you saw economy
  reopening. Now that cases have spiked again, data suggests a slower pace
  of growth at least for now. We don't know how deep or how long that will
  be. It's so important that it needed to be in our post meeting statement,
  it's fundamental.

• A: You're right, we're committed to using our full range of tools. We have
  ways to further support the economy, through credit/liquidity serviecs which
  are effectively unlimited, can adjust forward guidance, can adjust asset
  purchases.