Q: Every S&P stock is up since March 23.........>

FED: Q: Every S&P stock is up since March 23 emergency announcement, does FOMC

feel that there is a possible bubble blowing that could pop, or capital

misallocation? 

- A: We targeted broad financial conditions. When pandemic started, investors

everywhere wanted to sell everything that wasn't cash / short-term Tsy. Markets

stopped working and that could amplify the economic shock. 

- Fed not looking to achieve a particular asset price. We want markets to price

in risk as they are supposed to. Our principal focus is on the state of the

economy. Labor market is the greatest focus. The concept that we would hold back

because we think asset prices are too high, what would happen to those people we

are legally supposed to be serving, on the dual mandate. We want markets to be

working and I think they're working. You know, we hope that continues.