"We are going to be deploying our tools – all of our tools – to the fullest extent for as long as it takes...We are not thinking about raising rates; we are not even thinking about thinking of raising rates."
"Unemployment remains historically high. My assumption is there will be a significant chunk...well into the millions of people, who don't get to go back to their old job...and there may not be a job in that industry for them for some time."
"It is clear that the Fed does not anticipate a V-shaped economic recovery and is positioned to move forcefully to support the economy..."
"The Fed understands we are just in the beginning phases of the economic recovery and making rash changes to policy or forward guidance is premature at this time."
"We're not focused on moving asset prices in a particular direction at all – it's just we want markets to be working, and partly as a result of what we've done, they are working."
- Powell's dour comments emptied ice water upon the heads of sunny-siders expecting the "V-shaped recovery";
- A resurgence of coronavirus cases following reopenings may delay additional economic progress.
"You're seeing the psychology in the market get retested today" as traders weigh the recent uptick in coronavirus hospitalizations and a grim outlook from the US central bank..."The sense is maybe the market got ahead of itself, which makes sense given the fact that we've come so far so fast."The reality is this thing's going to linger longer than probably the market had thought of."