The Federal Reserve pledged Wednesday to keep interest rates at current levels, while noting that the coronavirus pandemic will continue to weigh heavily on the economy.
“Basically, the plumbing is sort of the same, but the actual assets are different, and that is very important,” said Mishkin, who was a member of the Board of Governors of the Federal Reserve System from 2006 to 2008.
For decades, the Fed has had a mandate “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” But from the beginning, it also has been a “lender of last resort.” In interviews, Powell has said this downturn is unique. He and other central bankers have suggested it is more akin to a natural disaster than a more run-of-the-mill recession. In this case, a full recovery is dependent on drug development.
This week, another tranche of funding was released for the federal government’s Paycheck Protection Program and, once again, its rollout was beset with problems.
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