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Listen Live: Fed’s Powell Holds Emergency Phone Conference Explaining Why Nothing Is F**ked Here

Courtesy of ZeroHedge View original post here.

Powell better explain why the market's reaction is wrong or else…

Here are the highlights from Bloomberg:

  • *POWELL: FED'S ROLE IS GUIDED BY OUR MANDATE
  • *POWELL: U.S. ECONOMY WAS ON A SOLID FOOTING BEFORE VIRUS STRUCK
  • *POWELL: WEAKNESS ABROAD WILL WEIGH ON U.S. EXPORTS
  • *POWELL: POLICY MAKERS MUST DO WHAT WE CAN TO EASE HARDSHIP
  • *POWELL: INFLATION WILL LIKELY BE HELD DOWN THIS YEAR BY VIRUS
  • *POWELL: VIRUS PRESENTS SIGNIFICANT ECONOMIC CHALLENGES
  • *POWELL: VIRUS WILL MEAN LOWER ECONOMIC ACTIVITY FOR PERIOD
  • *POWELL: SEVERAL FINANCIAL MARKETS HAVE SHOWN SIGNS OF STRESS
  • *POWELL: WE ENCOURAGE BANKS TO TURN TO THE DISCOUNT WINDOW
  • *POWELL: 2Q ECONOMY IS PROBABLY GOING TO BE WEAK
  • *POWELL: TODAY'S FOMC'S MEETING IN LIEU OF THE TUES/WED MEETING
  • *POWELL SAYS FOMC WON'T HOLD ITS PLANNED MEETING THIS WEEK
  • *POWELL: FORWARD GUIDANCE, ASSET PURCHASES ARE OUR BASIC TOOLKIT
  • *POWELL: ASSET PURCHASES ARE AIMED AT RESTORING MARKET FUNCTION
  • *POWELL: BOND BUYING WILL FOSTER MORE ACCOMMODATIVE CONDITIONS
  • *POWELL: WHAT WE DID TODAY WILL BE BENEFICIAL TO FINANCIAL MKTS
  • *POWELL: 2Q ECONOMY IS PROBABLY GOING TO BE WEAK
  • *POWELL: HARD TO SAY HOW BIG EFFECTS WILL BE, HOW LONG WILL LAST
  • *POWELL: WE WILL CONTINUE CLOSELY MONITOR DEVELOPMENT
  • *POWELL: WE DON'T HAVE THE TOOLS TO REACH INDIVIDUALS, SMALL BIZ
  • *POWELL: DON'T SEE NEGATIVE RATES AS APPROPRIATE POLICY IN U.S.
  • *POWELL: FISCAL POLICY IS A WAY TO DIRECT MORE TARGETED RELIEF
  • *POWELL: WE DO THINK FISCAL RESPONSE IS CRITICAL
  • *POWELL: RESTORING MARKET FUNCTION SUPPORTS ECONOMIC ACTIVITY
  • *POWELL: ASSET BUYS AIMED AT SUPPORTING CREDIT AVAILABILITY
  • *POWELL: FED NOT SEEKING PERMISSION TO BUY OTHER SECURITIES
  • *POWELL: ASSET BUYS AIMED AT SUPPORTING CREDIT AVAILABILITY
  • *POWELL: FED IS GOING TO BUY SECURITIES AT A STRONG RATE
  • *POWELL: THAT LANGUAGE IS OPEN ENDED, SENDING SIGNAL TO MARKET
  • *POWELL: WE'RE GOING IN STRONG STARTING TOMORROW, ACROSS CURVE
  • *POWELL: WE'LL WILLING TO BE PATIENT ON RATES
  • *POWELL: WATCHING TO DETERMINE IF ECONOMY HAS WEATHERED VIRUS
  • *POWELL SAYS HE FEELS FINE, VERY WELL, NO REASON TO BE TESTED
  • *POWELL: LOT OF POWER IN OUR LIQUIDITY TOOLS, FORWARD GUIDANCE
  • *POWELL: WE HAVE PLENTY OF SPACE TO ADJUST OUT POLICY
  • *POWELL: DECIDED THURSDAY TO MOVE THE MEETING UP BY THREE DAYS
  • *POWELL: MAKING A FORECAST IN CURRENT CLIMATE DIDN'T SEEM USEFUL
  • *POWELL: U.S. ECONOMY STARTED FROM STRONG POSITION
  • *POWELL: 2Q WILL BE WEAKER, HARD TO SAY WHAT WILL HAPPEN IN 2H
  • *POWELL: NO FED FORECASTS THIS MONTH, NEXT LIKELY IN JUNE
  • *POWELL: FISCAL POLICY CAN REACH DIRECTLY TO AFFECTED SECTORS
  • *POWELL: BROADER FISCAL STIMULUS WILL DEPEND ON PATH OF ECONOMY
  • *POWELL: HARD TO SAY WHAT WILL HAPPEN BUT MAY BE NEED FOR THAT
  • *POWELL: WILL WATCH TREASURY MARKETS FOR RETURN TO NORMAL
  • *POWELL: WILL USE TOOLS TO SUPPORT MARKET FUNCTION, CREDIT FLOW
  • *POWELL: ECONOMIC DATA WILL FOLLOW THE SPREAD OF THE VIRUS
  • *POWELL: DURATION OF VIRUS EFFECTS WILL HINGE ON MEASURES TAKEN
  • *POWELL: WE HAVE PLENTY OF POWER LEFT IN OUR TOOLS, POLICY SPACE
  • *POWELL: THERE IS ROOM FOR US TO DO WHAT WE NEED TO DO
  • *POWELL: FISCAL POLICY TYPICALLY PLAYS A MAJOR ROLE IN DOWNTURNS
  • *POWELL: BANKS ARE HIGHLY CAPITALIZED, SYSTEM IS RESILIENT
  • *POWELL: WE'RE IN ONGOING CONTACT WITH MAJOR CENTRAL BANKS

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