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May 19, 2020 The Federal Reserve reports that although monetary leverage deployed with "unprecedented" measures is not enough on its own to counter the crisis caused by the coronaviurs. This was underlined by Fed chairmen Jerome Powell in his speech to the Senate whose text was anticipated today. In particular, Powell defines the Cares Act as "crucial", that is, the mega aid plan fired by the US Congress, and emphasizes the importance of individual behavior in implementing social distancing in the first place.

Fed committed to supporting the economy with all its tools in this time of challenge
The Federal Reserve is ready to deploy any tool against this unprecedented crisis, says Powell. "The Federal Reserve's response in this extraordinary period has been guided by our mandate to promote maximum employment and the stability of the financial system," he says, reiterating how the Fed is committed "to using all the tools available to support the economy in this time of challenge ".

Federal Reserve will keep rates close to zero until the crisis is over
The Federal Reserve will keep rates close to zero until the "extraordinary" crisis caused by the pandemic is confirmed, Powell reiterates, also underlining how the steps taken by the US central bank to inject liquidity into the system have helped stabilize the financial markets.