Powell: Fed Committed to Support Economy, Prevent Lasting Damage

The transcript discusses the Federal Reserve's response to the economic challenges posed by the COVID-19 pandemic. It highlights the efforts of healthcare and essential workers, the economic recovery process, and the impact on inflation. The Federal Reserve's actions, including maintaining low interest rates and supporting credit flow, are detailed. The importance of fiscal policy and the ongoing review of the monetary policy framework are also covered.

What role does the Federal Reserve play in the economic recovery during the pandemic?

• Using tools to ensure economic stability

• Providing healthcare services

• Reducing unemployment benefits

• Increasing taxes

Which group has been most affected by the rise in joblessness during the pandemic?

• Middle-aged men

• Lower-wage workers, women, and minorities

• Retired individuals

• High-wage workers

What has been the impact of weaker demand in sectors like travel and hospitality?

• Increased consumer prices

• Decreased consumer prices

• Stable consumer prices

• No impact on consumer prices

What is the Federal Reserve's policy rate since mid-March?

• Decreased significantly

• Held near zero

• Increased significantly

• Fluctuated frequently

Why is preserving the flow of credit essential during the pandemic?

• To increase inflation

• To increase taxes

• To support economic recovery

• To reduce government spending

What is the purpose of the Federal Reserve's emergency lending programs?

• To grant money to specific beneficiaries

• To provide loans to solvent entities

• To increase interest rates

• To reduce government debt

What is the focus of the Federal Reserve's ongoing review of monetary policy?

• Increasing taxes

• Enhancing monetary policy strategy

• Reducing unemployment benefits

• Increasing government spending