Powell Says Federal Reserve Crossed Red Lines to Help Economy

Fed Chair Jerome H. Powell said that the central bank is pushing its limits and trying to be transparent as it does.

by Jeanna Smialek
New York Times

WASHINGTON — Jerome H. Powell, the chair of the Federal Reserve, said central bankers had seen the need to use their tools “to their fullest extent” as coronavirus lockdowns shuttered economies around the globe and caused United States unemployment to soar.

“We felt called to do what we could,” Mr. Powell said Friday during a Princeton University webinar.

“We crossed a lot of red lines, that had not been crossed before,” he said. He added that he was comfortable with what the Fed had done given “this is that situation in which you do that, and you figure it out afterward.”

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