Minneapolis Federal Reserve President Neel Kashkari said the central bank still has monetary policy options to deal with the coronavirus crisis
In a CNBC interview, Kashkari called on Congress to act in situations like a potential bailout for the airline industry. He said the Fed is in the "fourth round" of responders to the crisis, behind health care professionals, the public and Congress.." "But we do have a job to do and we are using our tools aggressively to try to make sure the financial system is ultimately working."and instituted asset purchases to total at least $700 billion.
Kashkari rejected criticism from some quarters that the Fed should have waited to use its final ammunition on the interest rate front. He compared the predicament to a driver coming up on a hill who accelerates before rather than waiting. If, for instance, some Treasurys would start to show negative yields, that might push the Fed to steepen what likely would be an inverted yield curve. That has not happened, though.
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