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Powell Says Fed Crossed Red Lines When Virus Demanded Action

  • Says Fed is “days away” from launching Main Street program
  • Fed chief stresses support is helping companies avoid layoffs
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WATCH: Fed Chair Powell says “we crossed a lot of red lines that had not been crossed before.”(Source: Bloomberg)
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Federal Reserve Chairman Jerome Powell defended aggressive action to shield the economy as the coronavirus pandemic took hold and said the central bank was “days” away from launching its Main Street Lending Program.

“We crossed a lot of red lines that had not been crossed before,” Powell said Friday during an online event hosted by Princeton University’s Griswold Center for Economic Policy Studies. “I’m very confident that this is the situation where you do that and then you figure it out.”