Q&A continues: - Q: Under what circumstances....>

FED: Q&A continues:

- Q: Under what circumstances would you strengthen commitment to keep rates at

lower bound, and is there any danger to delaying? On credit facilities, what

kind of demand are you expecting, and will they reach capacity like the PPP

program?

- A: We moved quickly, aggressively, first to return to ELB, and that is the

right place to be. Market expects us to be there for a while, that is

appropriate. We are not in any hurry to withdraw these measures/lift off.

- Re facilities: We have said that if demand is greater than we have estimated,

then we will expand them. Not like PPP where there is specific amount allocated

and it runs out. Would only run out if we exhaust Treasury's equity but we are a

long way from that. Also it's not just about the actual lending, it's about

building confidence in the market, private markets come in, and companies are

raising liquidity. Ultimate demand is quite difficult to project as the

announcement effect gets the private market functioning again. But we have to

follow it through.