A half-hour staff meeting in a secure location.
FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell speaks to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world's largest economy from the impact of the coronavirus, during a news conference in Washington, U.S., March 3, 2020. REUTERS/Kevin LamarqueMultiple days of “unscheduled telephone calls from home with staff and other government officials,” including Saturdays and Sundays.
Powell’s sudden ramp-up in activity began on Feb. 28, with a flurry of calls to his central banker counterparts at the European Central Bank, among others. Those calls - including a 17-minute one with the head of the central bank in China, where the coronavirus outbreak had begun - continued for another two days as the Fed prepared its first concrete response to the coronavirus crisis: an emergency interest rate cut on March 3.
A Fed spokeswoman later said it was a telephone briefing with University of Texas Southwestern Medical Center’s infectious disease chief, Trish Perl. Fed policymakers met the following Sunday, conferencing by video their far-flung colleagues who participated from Fed regional banks across the country.
Over the course of March, as cases of the coronavirus mounted and policymakers began to express more public concern, Powell spoke with Treasury Secretary Steven Mnuchin at least 11 times, the calendar shows. That is surely an undercount as the two worked out a range of corporate lending programs, some of which had never before been tried, to keep previously healthy businesses afloat.
Powell also spoke once with President Donald Trump on March 23, during which it was reported that Trump, usually a vociferous Powell critic, gave him rare praise.
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