direct: A member of the Federal Reserve said that the central bank moved quickly to address the deterioration in financial markets caused by the Corona virus.
Last month, the Fed cut its rate to zero to 0.25 percent in two emergency meetings and announced plans to purchase unlimited amounts of assets to support the markets.
“We at the central bank are focusing on addressing and reducing the economic impacts of the epidemic,” Erik Rosengren, the federal head of Boston, said in comments prepared for an online forum today, Wednesday.
He continued: “The Federal Reserve acted quickly to address the effects of the economic turmoil.”
However, a federal member said more needs to be done to counter the consequences of the virus, especially from Congress, which recently approved a $ 2 trillion stimulus package.
Rosengreen also stated that he believed that future federal steps should direct aid directly to the states.
Even with help from Congress and the Federal Reserve, Rosengreen said the virus will still affect the economy, especially employment.