Q&A continues: - Q: What is the path of.........>

FED: Q&A continues:

- Q: What is the path of employment in coming months/into next year?

A: Unemployment is going to go to a high number in 2nd Quarter, uncertain what

it will be. Sometime we will see social distancing rolled back, people will

begin to spend money, people will get hired back, unemployment will go back

down. Don't think it will get anywhere near low levels in February, will take

time to get back to anything that resembles maximum employment. But main thing,

we want to get back on the road as fast as we can.

- Q: What kind of steps could we take to make economy resilient to this kind of

shock?

A: It's an extraordinary shock, unlike anything in my lifetime. We are still

putting out the fire, still trying to win. We will be at that for a while. It

tells you the importance of getting the fiscal house in order - the U.S. Hadn't

gotten back to where we needed on fiscal policy, high level of debt to GDP, when

the shock arrived. We have the fiscal capacity to deal with it but ideally you

would go in with a stronger fiscal position.