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[³°Éô¥ê¥ó¥¯] Williams on Economic Recovery, Yield Curve and Monetary Policy
Bloomberg The Open
May 28th, 2020, 12:02 AM GMT+0900

¡ØFederal Reserve Bank of New York President John Williams discusses the outlook for the U.S. economy and monetary policy amid the Covid-19 pandemic. He speaks with Bloomberg's Jonathan Ferro and Mike McKee on "Bloomberg The Open." (Source: Bloomberg)¡Ù(¾åµ­URLÀè¤è¤ê)

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[³°Éô¥ê¥ó¥¯] Economy in the Time of Coronavirus
May 21, 2020
John C. Williams, President and Chief Executive Officer
Remarks at the Buffalo Niagara Partnership, the Greater Rochester Chamber of Commerce, and CenterState CEO (delivered via videoconference)

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¡ØOne of the particular strengths of New York State is its diversity-and this is especially true from an economic perspective. In Western and Central New York there are top-tier universities, manufacturing businesses, a thriving professional services industry, as well as popular tourist destinations.

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¡ØDespite this extraordinary uncertainty, at the Federal Reserve we worked quickly to put measures in place to support the economy and set the foundation for a strong recovery.¡Ù

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¡ØBringing interest rates down to near zero serves two purposes. First, low interest rates make it easier for households and businesses to meet their borrowing needs. Second, they foster broader financial conditions that will help promote the rebound in spending and investment needed to return the economy to full strength.¡Ù

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¡ØThe New York Fed has important and unique responsibilities in supporting liquid and well-functioning financial markets.¡Ù

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¡ØWorking alongside our colleagues in the Federal Reserve and other agencies, we are taking rapid and significant actions to supply liquidity and to stabilize critical parts of our financial system.¡Ù

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¡ØBy conducting large-scale repo operations and purchasing sizable quantities of U.S. Treasury securities and agency mortgage-backed securities, we are providing funding and stability at a time of extraordinary volatility in markets.3¡Ù

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¡ØThese actions averted a potential shutdown in the availability of credit, which would have made the current economic crisis even more severe.¡Ù

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¡ØIn addition to stabilizing financial markets, the Federal Reserve is standing up programs to support the flow of credit to households, businesses, and state and local governments. These actions will enable them to continue to do their work, both now and when normal life resumes.4¡Ù

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¡ØOur efforts supporting the provision of credit include a number of programs aimed at different parts of the economy and work through different channels. One set of programs supports the availability of credit to households and businesses-importantly, including small and medium-sized businesses. A second set of programs targets the availability of credit to states and municipalities.¡Ù

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¡ØFiscal policy is also playing a critically important role. In particular, it can do what monetary policy cannot: provide for the public health response and transfer income to those most affected by the outbreak. Fiscal policy is also a vital partner in the delivery of our own programs, supplying the financial support necessary for the extraordinary scale of the credit facilities we¡Çre operating.¡Ù

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¡Ø[¥µ¥ó¥Õ¥é¥ó¥·¥¹¥³¡¡28Æü¡¡¥í¥¤¥¿¡¼] - ÊÆ¥À¥é¥¹Ã϶èÏ¢¶ä¤Î¥«¥×¥é¥óÁíºÛ¤Ï28Æü¡¢ÊƷкѤÏÄìÆþ¤ì¤·¤¿¸ø»»¤¬Â礭¤¤¤È¤Îǧ¼±¤ò¼¨¤·¤Ê¤¬¤é¤â¡¢·ÐºÑ¤¬·òÁ´¤Ë²óÉü¤¹¤ë¤«¤Ï¡¢¿··¿¥³¥í¥Ê¥¦¥¤¥ë¥¹´¶À÷³ÈÂçÁ°¤ÈƱ¤¸¤è¤¦¤Ë¿Í¡¹¤¬°Â¿´¤·¤ÆÎ¹¹Ô¤ä³°¿©¤Ë½Ð³Ý¤±¤é¤ì¤ë¤è¤¦¡¢Â絬ÌϤʿ··¿¥¦¥¤¥ë¥¹¸¡ºº¤ò¼Â»Ü¤Ç¤­¤ë¤«¤Ë¤«¤«¤Ã¤Æ¤¤¤ë¤È½Ò¤Ù¤¿¡£ ¥«¥×¥é¥óÁíºÛ¤Ï¥í¥¤¥¿¡¼¤ÎÅÅÏÃ¥¤¥ó¥¿¥Ó¥å¡¼¤ËÂФ·¡¢¡Ö·ÐºÑÀ®Ä¹¤ò²Ã®¤µ¤»¡¢¼º¶ÈΨ¤ò°ú¤­²¼¤²¤ë¤¿¤á¤Ë¡¢¿··¿¥¦¥¤¥ë¥¹¸¡ºº¤È´¶À÷·ÐÏ©¤ÎÄ´ºº¤òÂçÉý¤ËÁý¶¯¤¹¤ëɬÍפ¬¤¢¤ë¡×¤È½Ò¤Ù¤¿¡£¡Ù(¾åµ­URLÀè¤è¤ê)

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[³°Éô¥ê¥ó¥¯] Service Providers in Region See Long Road to COVID-19 Recovery, Fed Survey Shows
Anna Crockett and Emily Ryder Perlmeter
May 28, 2020

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¡ØAcross the country, workers are facing an economic crisis along with a health crisis caused by COVID-19. Reduced wages, fewer hours and job losses have hit many households hard. This is particularly true in low-income communities and communities of color and for those who are in need but are not receiving state and federal assistance. During this time of uncertainty, community leaders are working hard to assist those who need immediate relief.¡Ù

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[³°Éô¥ê¥ó¥¯] Update

¡ØAt the Dallas Fed, we're working to support the financial health of the people and businesses in the Eleventh District as we deal with this unprecedented crisis. On this page, you¡Çll find many resources, including recent interviews from Dallas Fed President Rob Kaplan and articles published from our staff.¡Ù

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[³°Éô¥ê¥ó¥¯] Dallas Fed Social Distancing Index Gives Insight into COVID-19¡Çs Economic Impact
Tyler Atkinson, Jim Dolmas, Christoffer Koch, Evan Koenig, Karel Mertens, Anthony Murphy and Kei-Mu Yi

¡ØAs the human and economic toll from the COVID-19 pandemic mounts, near-term forecasts of output and employment are crucial for assessing appropriate monetary, fiscal and health policy responses. An appropriate real-time index of social distancing can provide valuable real-time insight into the economic impact.¡Ù

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[³°Éô¥ê¥ó¥¯] Realities, Different Recoveries
May 21, 2020
Tom Barkin
President, Federal Reserve Bank of Richmond

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¡ØIt¡Çs worth noting a socioeconomic split underlies these different realities. Based on credit card data, wealthier households, whose members are largely still working and doing so from home, are spending less; in contrast, low-income households, living much closer to the edge, have largely maintained their spending.¡Ù

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¡ØAccording to a recent survey by the Federal Reserve Board, 39 percent of those making less than $40,000 per year have faced a job loss in the past two months, compared to 13 percent making more than $100,000 per year.¡Ù

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¡ØThe unemployment rate for those with less than a high school education is more than 20 percent, more than double that of those who have a bachelor¡Çs degree or higher (8 percent). And of course, the former group has less savings to buffer them in their time of distress. This crisis has further solidified the ability to work from home as a divider: 63 percent of those with a bachelor¡Çs degree are in jobs where they¡Çre able to work from home during the crisis; compared to only 23 percent of those with a high school degree or less. The differential availability of broadband access exacerbates this gap.¡Ù

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¡ØIncreasingly, as I talk to consumers and retailers, I hear that these differences may matter when we talk about the pace of recovery. We may see the economy come back at different speeds for different parts of the economy.¡Ù

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¡ØHigher-income households are cautious and can afford to be. Many of their jobs can continue to be done remotely. Many have taken the message that their absence from the workplace has protected their health; they may be reluctant to reengage too quickly. They can get much of what they need done through online channels, until such time as they believe they can shop without undue health risk. In a recent Gallup poll, 73 percent of those with a college degree said testing would have to be widespread before they would return to normal activities, versus an estimated 51 percent without that degree.¡Ù

¡ØBut lower-income households may well be coming back to stores more quickly because they can¡Çt afford not to - many live paycheck to paycheck. Fiscal payments put money in their pockets, which history suggests will be spent rapidly on needs they have left unfulfilled. Access to online commerce is more limited, especially for those without access to credit or broadband.¡Ù

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¡ØAnd if you work shoulder-to-shoulder (even 6 feet apart) in a production environment, then going to a store perhaps isn¡Çt seen as such a large incremental risk. Lower-price retailers tell me sales are returning toward normal at a faster pace than I hear from higher-priced retailers. I hear similar strength in smaller, economically distressed towns that haven¡Çt had significant outbreaks.¡Ù

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¡ØThese different realities have implications for how widely shared our recovery will be, and because they also imply differing levels of health risk, implications for the course of the virus itself. I am watching both closely.¡Ù

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[³°Éô¥ê¥ó¥¯] of the Federal Open Market Committee
April 28-29, 2020
A joint meeting of the Federal Open Market Committee and the Board of Governors
was held by conference call on Tuesday, April 28, 2020, at 1:00 p.m. and continued on Wednesday, April 29, 2020, at 9:00 a.m.1

¡ØParticipants' Views on Current Conditions and the Economic Outlook¡Ù¤òÁÇľ¤ËƬ¤«¤é¡£

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¡ØParticipants noted that the coronavirus outbreak was causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health were inducing sharp declines in economic activity and a surge in job losses. Weaker demand and significantly lower oil prices were holding down consumer price inflation. The disruptions to economic activity here and abroad had significantly affected financial conditions and had impaired the flow of credit to U.S. households and businesses.¡Ù

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¡ØParticipants judged that the effects of the coronavirus outbreak and the ongoing public health crisis would continue to weigh heavily on economic activity, employment, and inflation in the near term and would pose considerable risks to the economic outlook over the medium term.¡Ù

¥³¥í¥Ê¤Á¤ã¤ó¤Î³ÈÂç¤È¤½¤ì¤Ë¤è¤ë¸ø½°±ÒÀ¸´íµ¡¤Ï·ÐºÑ³èư¤È¸ÛÍѤÈʪ²Á¤ËÂФ·¤Æin the near term¤ÇÂ礭¤Ê­¤«¤»¤Ë¤Ê¤Ã¤Æ¡¢over the medium term¤Ç·ÐºÑ¸«Ä̤·¤Ëconsiderable risks¤È¤¤¤¦¤³¤È¤Ç¡¢4·îËö¸½ºß¤È¤¤¤¦¤³¤È¤Ç¤Ï¤¢¤ê¤Þ¤¹¤¬¡¢ºÇÂçµé¤Î·üǰ¤ò¼¨¤·¤Æ¤¤¤Þ¤¹¤Ê¡£¤Ç¤â¤Ã¤Æ¤³¤Î¥Ñ¥é¥°¥é¥Õ¤Ï¤Þ¤À³¤­¤Þ¤·¤Æ¡¢

¡ØParticipants assessed that the second quarter would likely see overall economic activity decline at an unprecedented rate. Participants relayed information from their Districts that the burdens of the present crisis would fall disproportionately on the most vulnerable and financially constrained households in the economy.¡Ù

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¡ØParticipants agreed that recently enacted fiscal programs were delivering valuable direct financial aid to households, businesses, and communities that would provide some relief during the economic shutdown.¡Ù

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¡ØIn addition, economic activity was being supported by actions taken by the Federal Reserve, including lending facilities created under the authority of section 13(3) of the Federal Reserve Act, some of which included capital allocated by the U.S. Treasury.¡Ù

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¡ØThese programs had helped maintain the flow of credit to households, businesses, and state and local governments, while supporting the smooth functioning of financial markets.¡Ù

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¡ØRegarding the economic activity of households, participants noted that the pandemic and efforts to mitigate the spread of the disease were having severely adverse effects on aggregate household spending and consumer confidence.¡Ù

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¡ØParticipants reported that consumer spending had plummeted across all parts of the country and in most categories of spending, with especially sharp declines in expenditures for categories that had been most affected by social distancing, such as hotel, fuel, air travel, restaurant, theater, and other retail products and services.¡Ù

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¡ØParticipants noted that even after government-imposed social-distancing restrictions came to an end, consumer spending in these categories likely would not return quickly to more normal levels.¡Ù

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¡ØSurvey-based measures of consumer confidence also plunged, a development that participants and District contacts attributed to households' concerns regarding the risk of job loss or difficulty in meeting financial obligations. Participants noted that some households experiencing job losses may not immediately face lower total income because of the support from recently enacted fiscal programs. Even in such cases, however, participants observed that household spending would likely be held down by a decrease in confidence and an increase in precautionary saving.¡Ù

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¡ØParticipants noted that business activity and investment spending had also fallen dramatically since the previous meeting as a result of efforts to contain the coronavirus outbreak.¡Ù

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¡ØManufacturing output declined sharply in March and was expected by participants to drop even more rapidly in April. In all Districts, some businesses had been forced to close temporarily because of social distancing restrictions. Businesses that were able to remain open to some degree were also substantially affected by the pandemic, with many experiencing either substantial drops in new orders and sales or supply chain disruptions.¡Ù

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¡ØThere were widespread reports from District contacts of firms reducing their payrolls and curtailing plans for investment spending. Some industries were especially hard hit, including airlines, cruise ships, restaurants, and tourism. Participants reported that many firms were seeking loans,payment deferrals, or grants to help address critical financial obligations and that the Paycheck Protection Program (PPP) was providing valuable assistance to small businesses in this respect.¡Ù

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¡ØParticipants also noted the disproportionate burdens or particular challenges being faced by small businesses; these challenges included lower cash buffers, fewer financing options, and, more recently, tighter lending standards. Participants expressed concerns that a large number of small businesses may not be able to endure a shock that had long-lasting financial effects.¡Ù

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¡ØParticipants were further concerned that even after social-distancing requirements were eased, some business models may no longer be economically viable, which could occur, for example, if consumers voluntarily continued to avoid participating in particular forms of economic activity.¡Ù

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¡ØIn addition, participants expressed concern that the possibility of secondary outbreaks of the virus may cause businesses for some time to be reluctant to engage in new projects, rehire workers, or make new capital expenditures.¡Ù

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¡ØParticipants observed that conditions in the energy sector had become especially difficult.¡Ù

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¡ØA sharp reduction in global demand for petroleum had led to unused supply that was overwhelming storage capacity, resulting in a plunge in oil prices. Some participants expressed concern that low energy prices, if they were to persist, had the potential to create a wave of bankruptcies in the energy sector.¡Ù

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¡ØIn addition, the agricultural sector was under severe stress due to falling prices for some farm commodities and pandemic-related disruptions, such as the closing of some food processing plants.¡Ù

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¡ØWith regard to the labor market, participants noted that incoming data confirmed that an extreme decline in employment was under way.¡Ù

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¡ØNationally, initial claims for unemployment insurance benefits had totaled more than 25 million from mid-March to the time of the meeting, and participants expected that the unemployment rate would soon reach the highest levels of the post?World War II period.¡Ù

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¡ØDistrict contacts reported that a significant portion of workers had been able to switch to working remotely. Although many employers were trying to keep workers on their payrolls, over time, as conditions persisted, there had begun to be widespread furloughs and layoffs.¡Ù

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¡ØParticipants were concerned that temporary layoffs could become permanent, and that workers who lose employment could face a loss of job-specific skills or may become discouraged and exit the labor force.¡Ù

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¡ØParticipants were additionally concerned that employees who were on low incomes would be the most severely affected by job cuts because they were employed in the industries most affected by the response to the outbreak or because their jobs were not amenable to being carried out remotely.¡Ù

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¡ØWith regard to inflation, participants noted that it had been running below the Committee's 2 percent longer-run objective before the coronavirus outbreak.¡Ù

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¡ØWhile the pandemic had created some supply constraints, which had generated upward pressure on the prices of some goods, the pandemic had also reduced demand, which had exerted downward pressure on prices. The overall effect of the outbreak on prices was seen as disinflationary. In addition, a stronger dollar and lower oil prices were factors likely to put downward pressure on inflation, and market-based measures of inflation compensation remained very low.¡Ù

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¡ØParticipants observed that the return of inflation to the Committee's 2 percent longer-run objective would likely be further delayed but that the accommodative stance of monetary policy would be helpful in achieving the 2 percent inflation objective over the longer run.¡Ù

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¡ØParticipants noted that recently enacted fiscal programs were crucial for limiting the severity of the economic downturn. In particular, the Cares Act and other legislation, which represented more than $2 trillion in federal spending in total, had provided direct help to households, businesses, and communities.¡Ù

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¡ØFor example, the PPP was providing a financial lifeline to small businesses, the expansion of unemployment benefits was helping restore lost income for laid-off workers, and the Treasury had provided a necessary financial backstop to many Federal Reserve lending facilities. Participants acknowledged that even greater fiscal support may be necessary if the economic downturn persists.¡Ù

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¡ØParticipants commented that, in addition to weighing heavily on economic activity in the near term, the economic effects of the pandemic created an extraordinary amount of uncertainty and considerable risks to economic activity in the medium term.¡Ù

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¡ØParticipants discussed several alternative scenarios with regard to the behavior of economic activity in the medium term that all seemed about equally likely. These scenarios differed in the assumed length of the pandemic and the consequent economic disruptions.¡Ù

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¡ØOn the one hand, a number of participants judged that there was a substantial likelihood of additional waves of outbreak in the near or medium term. In such scenarios, it was believed likely that there would be further economic disruptions, including additional periods of mandatory social distancing, greater supply chain dislocations, and a substantial number of business closures and loss of income; in total, such developments could lead to a protracted period of severely reduced economic activity.¡Ù

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¡ØOn the other hand, economic activity could recover more quickly if the pandemic subsided enough for households and businesses to become sufficiently confident to relax or modify social-distancing behaviors over the next several months.¡Ù

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¡ØBeyond these considerations, participants noted the risk that foreign economies, particularly EMEs, could come under extreme pressure as a result of the pandemic and that this strain could spill over to and hamper U.S. economic activity.¡Ù

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¡ØParticipants stressed that measures taken in the areas of health-care policy and fiscal policy, together with actions by the private sector, would be important in shaping the timing and speed of the U.S. economy's return to more normal conditions.¡Ù

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April 28-29, 2020
A joint meeting of the Federal Open Market Committee and the Board of Governors
was held by conference call on Tuesday, April 28, 2020, at 1:00 p.m. and continued on Wednesday, April 29, 2020, at 9:00 a.m.1

¡ØParticipants' Views on Current Conditions and the Economic Outlook¡Ù¤ÎºÇ½ª¥Ñ¥é¥°¥é¥Õ¤À¤±¥Í¥¿¤Ë¤·¤ÆÂ¾¤Î¥Ñ¥é¤ò¥Í¥¿¤Ë¤¹¤ë¤Î¤ò¥Ñ¥¹¤·¤Æ¤¿¤Î¤ò˺¤ì¤Æ¤Þ¤·¤¿¤¹¤¤¤Þ¤»¤ó¤¹¤¤¤Þ¤»¤ó(·ò˺¾É)¡£

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¡ØIn their consideration of monetary policy at this meeting, participants noted that the Federal Reserve was committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.¡Ù

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¡ØIn light of their assessment that the ongoing public health crisis would weigh heavilyon economic activity, employment, and inflation in the near term and posed considerable risks to the economic outlook over the medium term, all participants judged that it would be appropriate to maintain the target range for the federal funds rate at 0 to 1/4 percent.¡Ù

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¡ØKeeping the target range at the effective lower bound, after quickly reducing it by 150 basis points in March, would continue to provide support to the economy and promote the Committee's maximum employment and price stability goals.¡Ù

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¡ØParticipants also judged that it would be appropriate to maintain the target range for the federal funds rate at its present level until policymakers were confident that the economy had weathered recent events and was on track to achieve the Committee's maximum employment and price stability goals.¡Ù

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¡ØParticipants also assessed that it was appropriate for the Federal Reserve to continue to purchase Treasury securities and agency residential-mortgage-backed securities (RMBS) and CMBS in the amounts needed to support smooth market functioning. These open market purchases would continue to support the flow of credit to households and businesses and thereby foster the effective transmission of monetary policy to broader financial conditions. In addition, the Desk would continue to offer large-scale overnight and term repo operations.¡Ù

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¡ØParticipants also commented that the multiple lending facilities established by the Federal Reserve under the authority of section 13(3) of the Federal Reserve Act and, in some cases, involving capital allocated by the Treasury were supporting financial market functioning and the flow of credit to households, businesses of all sizes, and state and local governments.¡Ù

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¡ØSeveral participants commented further that it would be important for the Federal Reserve to remain ready to adjust these emergency lending facilities as appropriate based on its monitoring of financial market functioning and credit conditions.¡Ù

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¡ØRegarding developments in financial markets, participants agreed that ongoing actions by the Federal Reserve had been instrumental in easing strains in some essential financial markets and supporting the flow of credit. These actions included large-scale purchases of Treasury securities and agency MBS, measures to reduce strains in global U.S. dollar funding markets, and the launch of programs to support the flow of credit in the economy for households, businesses of all sizes, and state and local governments. Banks had entered the crisis well capitalized and had been able to provide necessary credit to businesses and households.¡Ù

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¡ØA number of participants commented on potential risks to financial stability.¡Ù

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¡ØParticipants were concerned that banks could come under greater stress, particularly if adverse scenarios for the spread of the pandemic and economic activity were realized, and so this sector should be monitored carefully.¡Ù

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¡ØParticipants saw risks to banks and some other financial institutions as exacerbated by high levels of indebtedness among nonfinancial corporations that prevailed before the pandemic; this indebtedness increased these firms' risk of insolvency.¡Ù

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¡ØA number of participants emphasized that regulators should encourage banks to prepare for possible downside scenarios by further limiting payouts to shareholders, thereby preserving loss-absorbing capital.¡Ù

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¡ØIndeed, historical loss models might understate losses in this context.¡Ù

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[³°Éô¥ê¥ó¥¯] Main Street Lending Program and Other Federal Reserve Actions The Main Street Lending Program and Other Federal Reserve Actions
By Eric S. Rosengren
May 19, 2020
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[³°Éô¥ê¥ó¥¯] Takeaways from Boston Fed President Eric Rosengren¡Çs May 19¡Ù¤Ã¤Æ¤³¤È¤Ç¤¹¤¬¡¢¤½¤Î²¼¤Ë¡ØListen to recording of Remarks to the New England Council¡Ù¤Ã¤Æ¤Î¤¬¤¢¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¥ê¥ó¥¯Àè¤ÎURL¤ò¸«¤¿¤éZoom¤òƧ¤à¤è¤¦¤Ç¤¹¤Ê¡£¤¦¡¼¤ó¤³¤Î¡£

¡Ø1.Takeaway: The absolutely necessary response to the COVID-19 pandemic - social distancing, aimed at protecting lives - comes at a high economic cost. The recent employment report underscores the unprecedented speed and ferocity with which jobs have been affected by this public health crisis.¡Ù

¤Ã¤Æ¤Î¤Ï»æ¼Çµï¤ÎÊý¤Ç¤ÏºÇ½é¤Î¡ØIntroductory Observations¡Ù¤Ã¤Æ¤Î¤Ë¤¢¤ê¤Þ¤¹¤¬¡¢¤Þ¤¢¥¦¥£¥ë¥¹Âкö´°àú¤Ë¤ä¤Ã¤¿¤é¥³¥¹¥È¤¬¹â¤¯¤Æ¤·¤Ó¤ì¤ë¥Ð¥¤¤È¤¤¤¦¤Î¤Ïʬ¤«¤ë¡£¤è¤Ã¤Æ¡¢

¡ØExcerpt: ¡ÈI expect that the unemployment rate will likely peak at close to 20 percent. Unfortunately, even by the end of the year, I expect the unemployment rate to remain at double-digit levels. This outlook is both sobering and a call to action. Now is the time for both monetary and fiscal policy to act boldly to minimize the economic pain from the pandemic.¡É¡Ù

¼º¶ÈΨ¤Ï¶á¤¯20%¤È¤«¤Ë¤Ê¤Ã¤ÆÍè¤ë¤Ç¤·¤ç¤¦¤·¡¢Ç¯Ëö¤Ç¤â2·å¿å½à¤Ê¤Î¤Ç¡Öa call to action¡×¤Ç¤¹¤è¤È½¾Í西¥«ÇɷϤÀ¤Ã¤¿¥í¡¼¥¼¥ó¥°¥ì¥óÁíºÛ¤â¤³¤ÎÍ­ÍÍ¥­¥¿¥³¥ì¤È¤¤¤¦Ïäǡ¢¤·¤«¤â¡Öboth monetary and fiscal policy to act boldly¡×¤È˽¤ì¤óË·À¯ºö¤¬µá¤á¤é¤ì¤ë¤È¤Þ¤ÇÍè¤Þ¤·¤¿¤Ê¡£

¡Ø2.Takeaway: It is important that our progress to date not be undone, and simply allowing business to reopen is not a panacea. Our economic challenges are rooted in public health concerns. If consumers are not comfortable visiting restaurants and shops, relaxing restrictions may do little to bring back business and jobs.¡Ù

¡Ösimply allowing business to reopen is not a panacea¡×¤ÈÍè¤Þ¤·¤Æ¡¢¤Ê¤ó¤«¤³¤¦¶ÛµÞ»öÂÖÀë¸À¤òÁ´Ì̲ò½ü¤·¤¿ÅÓü¤Ë¥´¡¼¥¸¥ã¥Ñ¥ó¥­¥ã¥ó¥Ú¡¼¥ó¤È¤«½Ð¤Æ¤­¤Æ¤¤¤ë¤É¤³¤«¤Î¹ñ¤ÈÈæ³Ó¤¹¤ë¤ÈÌܤ«¤é´À¤¬¡£

¡ØExcerpt: ¡ÈPublic health solutions are paramount - without them, it will be virtually impossible to return to full employment. It is vital that the design and timing of reductions in business restrictions not result in worse health outcomes and higher unemployment over a longer period of time.¡É¡Ù

¤³¤ÎÊդϥ¹¥é¥¤¥É¤Î10¥Ú¡¼¥¸Ìܤ¯¤é¤¤¤Þ¤Ç¤ÎÉôʬ¤ÎÏäˤʤäƤ¤¤Þ¤¹¤¬¡¢(PDF¤Ç¤âƱ¤¸¤¯10ËçÌÜ)¸ø½°±ÒÀ¸¤âÂç»ö¤À¤·ÂçÊѤÀ¤±¤ì¤É¤â¡¢´ë¶È³èư¤òŬÀڤʻþ´ü¤ËºÆ³«¤·¤Ê¤¤¤È·ÐºÑ¤¬»à¤Ì¤Î¤Ç¡¢¥Ð¥é¥ó¥¹¤ò¹Í¤¨¤Æ¤ä¤ë¤·¤«¤Ê¤¤¤Ç¤¹¤è¤Í¡¢¤Ç¤âʪÀ¨¤¯Æñ¤·¤¤¤Ç¤¹¤¬¡¢¤Æ¤Ê´¶¤¸¤Ç»×¤¤¤Ã¤­¤ê¥í¡¼¥¼¥ó¥°¥ì¥ó¤µ¤ó¤¬¥Ï¥È¤È¤¤¤¦¤«¡¢ÊƹñÅö¶É¤Î¸«Êý¤¬¤½¤â¤½¤â¤³¤ó¤Ê´¶¤¸¤Ç¤«¤Ê¤ê·ÐºÑ¤Ë¸·¤·¤¤Ç§¼±¤ò»ý¤Ã¤Æ¤¤¤ë¤Î¤«¡¢¤È¤¤¤¦¤è¤¦¤ÊÏäǡ¢³ô¼°»Ô¾ì¤ä¤é¥¯¥ì¥¸¥Ã¥È»Ô¾ì¤Î¥Ò¥ã¥Ã¥Ï¡¼¿¶¤ê¤Ð¤Ã¤«¤ê¤ò¸«¤Æ¤¤¤ë¤È¤½¤Îº¹¤¬¤Ç¤«¤¤¤Î¤Ç¹Í¤¨¹þ¤ó¤Ç¤·¤Þ¤¦¤Î¤Ç¤¹¤¬¡¢¤³¤Î¤´»þÀ¤¡Ö¼ÂºÝ¤ËÊÆ¹ñ¤ò¸«¤Ë¹Ô¤Ã¤Æ¤ß¤ë¡×¤È¤¤¤¦µ»¤¬»È¤¨¤Ê¤¯¤Æ¡¢¶²¤é¤¯¤³¤Î¥³¥í¥Ê±¾¡¹¤Ã¤Æ»×¤¤¤Ã¤­¤ê¼Ò²ñ¤¬Ê¬ÃǤ·¤Æ¤·¤Þ¤Ã¤Æ¤¤¤ë¤Î¤Ç¡¢Á´ÂÎŪ¤Ë¤É¤¦¤è¤È¤¤¤¦¤Î¤òÇİ®¤¹¤ë¤Î¤¬Æñ¤·¤¯¤Æ¡¢¤É¤Ã¤Á¤¬¤è¤ê»ö¼Â¤Ë¶á¤¤¤Î¤«¤È¤«¤ÎȽÃǤâÆñ¤·¤¤(¤¿¤Ö¤ó¶âÍ»»Ô¾ì¤Î¥Ò¥ã¥Ã¥Ï¡¼¤¬ÊÑ¡¢¤È¤Ï»×¤¦¤¬¼Â¤Ï¶âÍ»»Ô¾ì¤¬¹ç¤Ã¤Æ¤¤¤ë¤«¤âÃΤì¤Ê¤¤¤È¤¤¤¦µ¿¤¤¤Ï¤ä¤Ï¤ê»×¤¦)¤Î¤Ç¤·¤ç¤¦¤Ê¡£¤¦¡¼¤à¡£


¡Ø3.Takeaway: The Fed has taken strong actions to mitigate the economic consequences of the pandemic. We want to limit the potential for medium- and longer-term ¡Èscarring¡É from the crisis. This means, among other things, working to minimize the length of unemployment spells and ensuring solvent firms have necessary liquidity. ¡Ù

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¡ØExcerpt: ¡ÈPreventing bouts of financial instability from having significant spillovers to the flow of credit to consumers and businesses is a vital crisis role for central banks, and the Fed has aggressively played that role during this very challenging period.¡É¡Ù

¤Ç¤â¤Ã¤ÆÆ±¤¸¥¹¥é¥¤¥É¤Î½ê¤ÎÏäʤΤǤ¹¤¬¡¢¤³¤³¤òÆÈΩ¤µ¤»¤ÆÀâÌÀ¤·¤Æ¤¤¤Þ¤·¤Æ¡¦¡¦¡¦¡¦¡¦¡¦¡¦

¡Ø4.Takeaway: It is important to note that the powers granted to the Federal Reserve for emergency actions involve ¡Èlending, not spending.¡É All of the Fed¡Çs programs involve loans, to be repaid - they are not grants by the Fed. ¡Ù

¥¹¥é¥¤¥É¤ÎÊý¤Ç¡Èlending, not spending.¡É¤È¤¢¤ëlending¤ÎÊý¤Ï¼Ð»úÂΤˤʤäƤ¤¤Þ¤¹¡£¤³¤Î¡Ölending, not spending.¡×¤Ã¤Æ¤Î¤Ï»×¤¤¤Ã¤­¤ê褵ö¤ÎFED¹â´±¤«¤é¸À¤ï¤ì¤Æ¤¤¤ë¤Î¤Ç¸«´·¤ì¤Æ¤¤¤ë¤È»×¤¤¤Þ¤¹¤·¡¢¥í¡¼¥¼¥ó¥°¥ì¥óÁíºÛ¤Ï¤ï¤¶¤ï¤¶¡ÖAll of the Fed¡Çs programs involve loans, to be repaid¡×¤È¡ÖÊֺѤµ¤ì¤ë¤â¤Î¡×¤È¤Þ¤Ç¤æ¤¦¤Æ¤Þ¤·¤Æ¡¢3È֤Υƥ¤¥¯¥¢¥¦¥§¥¤¤Î½ê¤Ç¤â¡Öensuring solvent firms have necessary liquidity¡×¤È¤¢¤ë¤è¤¦¤Ë¡¢¥Ð¥¸¥ç¥Ã¥È¡¦¥ë¡¼¥ë¤Î´ÑÅÀ¤Ë§¤Ã¤Æ¤¤¤ë¤È¤¤¤¦Ïäò¤·¤Æ¤ë¤ó¤Ç¤¹¤è¤Í¡£¤É¤³¤¾¤ÎÆü¶ä¤ÏÄޤ餤òÀù¤¸¤Æ°û¤ó¤ÇÍߤ·¤¤¡£

¡ØExcerpt: ¡ÈLending can play a crucial role in a crisis and in bridging to more normal conditions.¡É¡Ù

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¡Ø5.Takeaway: The Main Street Lending Program, expected to open in the coming weeks at the Boston Fed, is one of the Federal Reserve¡Çs more innovative and important programs. It is designed to help credit flow to small- and medium-sized businesses that were in good financial condition prior to the crisis, but now need loans that can help them until they have recovered from, or adapted to, the impact of the pandemic. ¡Ù

Ãæ¾®´ë¶È¸þ¤±²¿¤È¤«¤ÈÌÃÂǤäƤª¤­¤Ê¤¬¤é¡Ö1ÀèÊÕ¤ê1000²¯±ß¡×¤È¤«¤É¤¦¸«¤Æ¤âÂç´ë¶È¸þ¤±Í»»ñ¤ò°Õ¼±¤·¤Æ¤¤¤ë¤È¤·¤«»×¤¨¤Ê¤¤¥ª¥Ú¤ÎÀ߷פò¤·¤Æ¤¤¤ë¤É¤³¤¾¤ÎÆü¶ä¤Ï°Ê²¼Æ±Ê¸¡£

¡ØExcerpt: ¡ÈThis is an important program, and we¡Çve worked very hard to get it right. We listened carefully to initial feedback and expanded the program in a number of ways to serve a wider range of borrowers. It will not be able to assist everyone, but we expect that it will provide an important bridge for many businesses that employ much of the American workforce.¡É¡Ù

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May 22, 2020
Bank of Japan

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[³°Éô¥ê¥ó¥¯] of the Federal Open Market Committee
April 28-29, 2020
A joint meeting of the Federal Open Market Committee and the Board of Governors was held by conference call on Tuesday, April 28, 2020, at 1:00 p.m. and continued on Wednesday, April 29, 2020, at 9:00 a.m.1

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¡ØThe System Open Market Account (SOMA) manager first discussed developments in financial markets.¡Ù

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¡ØFinancial conditions had shown notable improvement over recent weeks. Equity price indexes were up substantially from the lows of late March, safe-haven demands for the dollar had receded, and measures of realized and implied volatility across markets had diminished. Market participants pointed to swift and forceful actions taken by the Federal Reserve, coupled with strong fiscal measures, and some indications of a slowing in the spread of the coronavirus (COVID-19) in major economies as factors contributing to these developments.¡Ù

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¡ØThat said, market participants remained very uncertain about the economic outlook, and contacts highlighted an array of remaining risks, including those in corporate credit markets, emerging markets, and mortgage markets.¡Ù

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¡ØIn corporate credit markets, concerns about potential defaults were rising, and ratings agencies had put on negative watch or downgraded many issuers. In emerging markets, the steep decline in commodity prices was exacerbating financial pressures for some emerging market economies (EMEs), which were also facing strains arising from capital outflows and a reduction in trade activity. And in mortgage markets, the likely increase in mortgage delinquencies associated with forbearance polices and an eventual rise in defaults were sources of concern for bank and nonbank lenders.¡Ù

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¡ØOpen Market Desk surveys suggested that market participants anticipated a sharp near-term decline in economic activity, followed by some recovery later this year. Against this backdrop, market participants generally expected the target range for the federal funds rate to remain at the effective lower bound for the next couple of years. Respondents to Desk surveys attached almost no probability to the FOMC implementing negative policy rates. Some survey respondents indicated that they expected modifications to the Committee's forward guidance, but not at the current meeting.¡Ù

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¡ØThe manager then reviewed recent open market operations. Since mid-March, at the direction of the FOMC, the Desk had purchased very large quantities of Treasury and agency mortgage-backed securities (MBS) in order to support the smooth functioning of these critical markets.¡Ù

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¡ØThe Desk evaluated a broad array of indicators to assess market functioning. These indicators suggested considerable improvement in market functioning, and the Desk gradually scaled back the pace of purchases accordingly.¡Ù

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¤Þ¤¢²¿¤Ï¤È¤â¤¢¤ì¡¢¡Öconsiderable improvement in market functioning, and the Desk gradually scaled back¡×¤ÊÌõ¤Ç¡¢»ö¼Â´û¤Ë¤·¤é¤Ã¤È¸º³Û¸º³Û¤È¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢ºÇ½é¤Î¸º³Û¤Î»þ¤À¤±ÊƹñºÄ·ô»Ô¾ì¥Í¥¿¤Ë¤·¤Æ¤Þ¤·¤¿¤±¤É¡¢ºÇ¶á¤Ï¤¢¤ó¤Þ¤êÌÜΩ¤Ä¥Í¥¿°·¤¤¤Ë¤Ï¤Ê¤Ã¤Æ¤¤¤Þ¤»¤ó¤Í¡£¤Ç¤â¤Þ¤¢¥¹¥±¡¼¥ë¥Ð¥Ã¥¯¤ò¤ä¤Ã¤Æ¤¤¤ëÌõ¤Ç¤·¤Æ¡¢¤Ö¤Ã¤³¤à¤È¤­¤Ë¤ÏÊѤʥ¿¥¤¥ß¥ó¥°¤Ç¤Î¥µ¥×¥é¥¤¥º¤Ç¥Ü¥éÄ󶡤Ȥ«¤¤¤í¤¤¤í¤È¥Ï¥Á¥ã¥á¥Á¥ã¤À¤Ã¤¿¤ê¤·¤Þ¤¹¤¬¡¢¡Ö½Ð¸ýÀ¯ºö¤¬Ìµ¤¯¤Æ¤½¤Î¤Þ¤Þ¥º¥Ö¥º¥ÖĹ´üÀï¡×¤È¤¤¤¦¥¸¥ã¥Ñ¥ó¤ÎÂçÅì°¡ÀïÁè¤Î¤è¤¦¤Ê»ö¤Ë¤Ê¤é¤Ê¤¤¤È¤¤¤¦ÅÀ¤Ç¤ÏFED¤Ã¤ÆÍ¥½¨¤Ê¤ó¤Ç¤¹¤è¤Í¤ÈºÇ¶áÆÃ¤Ë»×¤¦¤è¤¦¤Ë¤Ê¤Ã¤Æ¤­¤Þ¤·¤¿¡£

¡ØMarket participants anticipated that the pace of purchases would slow after the June meeting, but they expected that outright securities holdings in the SOMA portfolio would continue to expand at least through the end of the year.¡Ù

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¡ØThe SOMA manager expected that, if conditions continued to improve, the pace of purchases could be reduced somewhat further; however, consistent with the directive, the Desk was prepared to increase purchases as needed should market functioning worsen.¡Ù

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¡ØConditions in money markets had improved over recent weeks. The intense strains across a range of short-term funding markets that emerged in March had subsided. The expansion of Federal Reserve repurchase agreement (repo) operations, the enhancement and expansion of funding available through the discount window and swap lines, and the funding provided through the Primary Dealer Credit Facility (PDCF), the Money Market Mutual Fund Liquidity Facility (MMLF), and the Commercial Paper Funding Facility (CPFF) were likely important in relieving pressures across a range of short-term funding markets.¡Ù

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¡ØThe manager noted that, despite these improvements, rates in some term funding markets remained elevated, although forward measures suggested the upward pressure on these rates might ease in coming weeks.¡Ù

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¡ØWith conditions in short-term funding markets having improved substantially and with repo operations no longer needed to maintain ample reserve levels, the manager noted that it might be appropriate to position the Federal Reserve's repurchase operations in a backstop role.¡Ù

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¡ØFor example, the minimum bid rate in repo operations could be increased somewhat relative to the level of the interest rate on excess reserves (the IOER rate).¡Ù

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¡ØLater in the intermeeting period, short-term interest rates drifted lower and settled at near-zero levels.¡Ù

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¡ØAlthough rates appeared stable, the manager suggested that circumstances could arise in which temporarily raising the per-counterparty limit on the overnight reverse repo operation would support policy implementation.¡Ù

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¡ØThe manager also noted that some market participants anticipated that the Federal Reserve might increase the IOER rate in order to move the federal funds rate closer to the middle of the target range and to address market functioning issues that could arise over time with overnight rates at very low levels.¡Ù

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¡ØHowever, there appeared to be limited risk that the federal funds rate would move below the target range, as the Federal Home Loan Banks-the dominant lenders in the federal funds market-can earn a zero rate on balances maintained in their account at the Federal Reserve.¡Ù

FF¤¬¥Þ¥¤¥Ê¥¹¤Ë¤è¡¼ÆÍ¤Ã¹þ¤Þ¤ó¤È¤¤¤¦Íýͳ¤¬¤³¤³¤Ç¤¢¤ë¤Î¤¬¤Û¤Û¤¦¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡¢FF»Ô¾ì¤Î¥É¥ß¥Ê¥ó¥È¤Ê»ñ¶â¤Î½Ð¤·¤Æ¤ÏFHLB(¥Õ¥¡¥Ë¡¼¥á¥¤¤È¤«¥Õ¥ì¥Ç¥£¥Þ¥Ã¥¯¤È¤«¤½¤¦¤¤¤¦¿Íã)¤Ç¡¢¤³¤Î¿Í¤¿¤Á¤Ï¥Þ¥¤¥Ê¥¹¤Ë¤·¤Æ¤Þ¤ÇFF¤Ç»ñ¶âÊü½Ð¤·¤Þ¤»¤ó¤«¤é¤Í¤¨¤È¡£¤³¤Î¿Í¤¿¤Á¤ÏÉÕÍøÂоݤǤϤʤ¤(¤Î¤Ï½àÈ÷ͶâÂоݤ¸¤ã¤Ê¤¤¤«¤é¤Ç¤¹¤è¤Í)¤±¤ÉÏ¢¶ä¥¢¥«¥¦¥ó¥È¤Ï¤¢¤Ã¤ÆÅ¬ÍѶâÍø¤¬¥¼¥í¤Ê¤Î¤Í¡£

¡ØMoreover, there were few signs to date that the low level of overnight funding rates had adversely affected market functioning, and trading volumes remained robust. The SOMA manager noted that the staff would continue to monitor developments.¡Ù

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¡ØThe Committee voted unanimously to renew the reciprocal currency arrangements with the Bank of Canada and the Bank of Mexico; these arrangements are associated with the Federal Reserve's participation in the North American Framework Agreement of 1994. In addition, the Committee voted unanimously to renew the dollar and foreign currency liquidity swap arrangements with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank. The votes to renew the Federal Reserve's participation in these standing arrangements occur annually at the April or May FOMC meeting.¡Ù

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¡ØBy unanimous vote, the Committee ratified the Desk's domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System's account during the intermeeting period.¡Ù

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[³°Éô¥ê¥ó¥¯] Main Street Lending Program and Other Federal Reserve Actions The Main Street Lending Program and Other Federal Reserve Actions
By Eric S. Rosengren
May 19, 2020

19Æü¤È20Æü¤ËƱ¤¸Ïäò¤·¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢19Æü¤ÎÊý¤¬¤³¤ì¤Ç¤¹¡£¤Ê¤Ë¤»ºÇ¶á¤Ï¡Ö¤É¤³¤É¤³¤Ç¤Î¥¤¥ó¥¿¥Ó¥å¡¼¡×¤È¤«¤Ï¥Û¥¤¥Û¥¤¤È½Ð¤Æ¤¯¤ë¤Î¤Ç¤¹¤¬¡¢¤½¤Î¼ê¤ÎÅÛ¤À¤ÈÏ¢¶ä¥µ¥¤¥È¤ÎÊý¤Ë̵¤¯¤ÆWSJ¤Ê¤êCBNC¤Ê¤ê¥Ö¥ë¡¼¥à¥Ð¡¼¥°¤Ê¤ê¤Î¥µ¥¤¥È¤Ë¹Ô¤«¤Ê¤¤¤È¹Ô¤±¤Ê¤¤¾å¤Ëʸ»úµ¯¤³¤·¤¬Ìµ¤«¤Ã¤¿¤ê¡¢Í­ÎÁ²ñ°÷¤¸¤ã¤Ê¤¤¤È¸«¤ì¤Ê¤«¤Ã¤¿¤ê¤È¤«À©¸Â¤¬Â¿¤¯¤Æ¥¢¥«¥ó¤Î¤Ç¤·¤¿¤¬¡¢º£²ó¤Î¤Ï¥Õ¥ë¥Æ¥­¥¹¥È¤Ë»æ¼Çµï¤âÊÌÅÓ¤¢¤Ã¤Æ¤·¤«¤â¾åµ­URLÀè¤Ë¤Ï¡ØKey Takeaways from Boston Fed President Eric Rosengren¡Çs May 19 Remarks Key Takeaways from Boston Fed President Eric Rosengren¡Çs May 19 Remarks¡Ù¤È¤¤¤¦¤Þ¤È¤á¤Þ¤Ç¤¢¤ë¿ÆÀÚÀ߷ס£

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Fed Listens: How is COVID-19 Affecting Your Community?
May 21, 2020 at 2:30 p.m. EDT
Federal Reserve Board (via webcast)

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[³°Éô¥ê¥ó¥¯] 21, 2020
Opening Remarks
Chair Jerome H. Powell
At "A Fed Listens Event: How Is COVID-19 Affecting Your Community?," sponsored by the Board of Governors of the Federal Reserve System, Washington, D.C. (via webcast)


[³°Éô¥ê¥ó¥¯] 21, 2020
Introductory remarks for the Fed Listens panel on the COVID-19 pandemic
Governor Lael Brainard
At ¡ÈA Fed Listens Event: How Is COVID-19 Affecting Your Community?,¡É sponsored by the Board of Governors of the Federal Reserve System, Washington, D.C., (via webcast)


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[³°Éô¥ê¥ó¥¯] of the Federal Open Market Committee
April 28-29, 2020
A joint meeting of the Federal Open Market Committee and the Board of Governors was held by conference call on Tuesday, April 28, 2020, at 1:00 p.m. and continued on Wednesday, April 29, 2020, at 9:00 a.m.1


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¡ØWhile participants agreed that the current stance of monetary policy remained appropriate, they noted that the Committee could, at upcoming meetings, further clarify its intentions with respect to its future monetary policy decisions.¡Ù

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¡ØSome participants commented that the Committee could make its forward guidance for the path for the federal funds rate more explicit. ¡Ù

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¡ØFor example, the Committee could adopt outcome-based forward guidance that would specify macroeconomic outcomes-such as a certain level of the unemployment rate or of the inflation rate-that must be achieved before the Committee would consider raising the target range for the federal funds rate.¡Ù

¡ØThe Committee could also consider date-based forward guidance that would indicate that the target range could be raised only after a specified amount of time had elapsed.¡Ù

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¡ØThese participants noted that such explicit forms of forward guidance could help ensure that the public's expectations regarding the future conduct of monetary policy continued to reflect the Committee's intentions.¡Ù

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¡ØSeveral participants observed that the completion, most likely later this year, of the monetary policy framework review, together with the announcement of the conclusions arising from the review, would help further clarify the Committee's intentions with respect to its future monetary policy actions.¡Ù

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[³°Éô¥ê¥ó¥¯] 19, 2020
Coronavirus and CARES Act
Chair Jerome H. Powell
Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.

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¡ØAvailable economic data for the current quarter show a sharp drop in output and an equally sharp rise in unemployment. By these measures and many others, the scope and speed of this downturn are without modern precedent and are significantly worse than any recession since World War II.¡Ù

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¡ØSince the pandemic arrived in force just two months ago, more than 20 million people have lost their jobs, reversing nearly 10 years of job gains. This precipitous drop in economic activity has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future.¡Ù

¡ØIn addition to the economic disruptions, the virus has created tremendous strains in some essential financial markets and impaired the flow of credit in the economy.¡Ù

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¡ØThe Federal Reserve's response to this extraordinary period has been guided by our mandate to promote maximum employment and stable prices for the American people, along with our responsibilities to promote stability of the financial system.¡Ù

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¡ØWe are committed to using our full range of tools to support the economy in this challenging time even as we recognize that these actions are only a part of a broader public-sector response.¡Ù

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¡ØCongress's passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was critical in enabling the Federal Reserve and the Treasury Department to establish many of the lending programs that I discuss below.¡Ù

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¡ØIn discussing the actions we have taken, I will begin with monetary policy. In March, we lowered our policy interest rate to near zero, and we expect to maintain interest rates at this level until we are confident that the economy has weathered recent events and is on track to achieve our maximum-employment and price-stability goals.¡Ù

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¡ØIn addition to monetary policy, we took forceful measures in four areas: open market operations to restore market functioning; actions to improve liquidity conditions in short-term funding markets; programs in coordination with the Treasury Department to facilitate more directly the flow of credit to households, businesses, and state and local governments; and measures to allow and encourage banks to use their substantial capital and liquidity levels built up over the past decade to support the economy during this difficult time.¡Ù

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¡ØThe tools that the Federal Reserve is using under its 13(3) authority are for times of emergency, such as the ones we have been living through. When economic and financial conditions improve, we will put these tools back in the toolbox.¡Ù

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¡ØThe final area where we took steps was in bank regulation.¡Ù

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¡ØThe Board made several adjustments, many temporary, to encourage banks to use their positions of strength to support households and businesses. Unlike the 2008 financial crisis, banks entered this period with substantial capital and liquidity buffers and improved risk-management and operational resiliency. As a result, they have been well positioned to cushion the financial shocks we are seeing. In contrast to the 2008 crisis when banks pulled back from lending and amplified the economic shock, in this instance they have greatly expanded loans to customers. Federal Reserve Board Vice Chair for Supervision Randal Quarles spoke to you about these topics last week.¡Ù

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¡ØThe Federal Reserve has been entrusted with an important mission, and we have taken unprecedented steps in very rapid fashion over the past few months.¡Ù

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¡ØIn doing so, we embrace our responsibility to the American people to be as transparent as possible. We are deeply committed to transparency, and recognize that the need for transparency is heightened when we are called upon to use our emergency powers. This is particularly the case when Congress appropriates taxpayer funds to back lending programs that the Fed administers.¡Ù

¡ØIn connection with the CARES Act facilities-including the two corporate credit facilities, the Main Street Lending Program, the Municipal Liquidity Facility, and the TALF-we will be disclosing, on a monthly basis, names and details of participants in each facility; amounts borrowed and interest rate charged; and overall costs, revenues, and fees for each facility.¡Ù

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¡ØThank you, I'd be happy to take your questions.¡Ù

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Staff working papers set out research in progress by our staff, with the aim of encouraging comments and debate.
Published on15 May 2020
Staff Working Paper No. 862

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¡Øi Guerrieri, Veronica(¥·¥«¥´Âç³Ø), Guido Lorenzoni (¥Î¡¼¥¹¥¦¥§¥¹¥¿¥óÂç³Ø), Ludwig Straub(¥Ï¡¼¥Ð¡¼¥ÉÂç³Ø), and Ivan Werning(¥Þ¥µ¥Á¥å¡¼¥»¥Ã¥Ä¹©²ÊÂç³Ø)(2020) ¡ÈMacroeconomic Implications of COVID19: Can Negative Supply Shocks Cause Demand Shortages?¡É [³°Éô¥ê¥ó¥¯] ¥¤¥ó¥°¥é¥ó¥É¶ä¹Ô¡¦¶âÍ»À¯ºö°Ñ°÷²ñ¤Î³Ø¼Ô½Ð¿È¥á ¥ó¥Ð¡¼¤Ç¤¢¤ë Tenreyro ¤ÎºÇ¶á¤Î¥¹¥Ô¡¼¥Á¤Ç¤Ï¡¢Æ±ÏÀʸ¤¬ 2 ²ó¤â°úÍѤµ¤ì¤Æ¤¤¤¿¡£Tenreyro, Silvana (2020) ¡ÈMonetary Policy during Pandemics: Inflation before, during and after COVID-19,¡É [³°Éô¥ê¥ó¥¯] ¡Ù

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[³°Éô¥ê¥ó¥¯] Street Economics
May 15, 2020
The Commercial Paper Funding Facility
Nina Boyarchenko, Richard Crump, and Anna Kovner

¡ØThis post is part of an ongoing series on the credit and liquidity facilities established by the Federal Reserve to support households and businesses during the COVID-19 outbreak.¡Ù

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[³°Éô¥ê¥ó¥¯] 08, 2020
The Money Market Mutual Fund Liquidity Facility
Marco Cipriani, Gabriele La Spada, Reed Orchinik, and Aaron Plesset

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¡ØBackground to the CPFF¡Ù

¡ØIn March, financial markets began to experience disruptions related to the outbreak of COVID-19, and the commercial paper market was no exception. Anecdotally, investors in the market were unwilling to extend credit to issuers except at very short maturities of less than five days. As the chart below shows, this reduced availability of credit coincided with yield-spread increases even for the highest-rated issuers-those with short-term credit ratings of A1 (Moody¡Çs) or P1 (S&P)-across the maturity spectrum.¡Ù

¤É¤Î°Ì¥¹¥×¥ì¥Ã¥É¤¬Èô¤ó¤À¤«¤È¤¤¤¦ÏäǤ¹¤¬¡¢¥°¥é¥Õ¤¬Å½¤êÉÕ¤±¤Æ¤¢¤ê¤Þ¤·¤Æ¡¢OIS¤È¤Î¥¹¥×¥ì¥Ã¥É¤Ç¸«¤Æ¤¤¤ë¤ó¤Ç¤¹¤¬¡¢1w¤ÎCP¤È3M¤ÎCP¤Ç¥¹¥×¥ì¥Ã¥É¤¬Ä·¤Í¤Þ¤·¤¿¤è¤È¤¤¤¦¤Î¤¬½Ð¤Æ¤¤¤Þ¡£¸«¤¿´¶¤¸¤Ç¤¹¤È1w¤ÎÊý¤Ï3·î¤ÎƬ¤Ë°ìöķ¤Í¤ÆÌá¤Ã¤Æ(¤³¤ì¤Ï¥µ¥×¥é¥¤¥ºÀ¯ºö¶âÍøÊѹ¹¤Î±Æ¶Á¤Ç¥Ù¡¼¥¹¥ì¡¼¥È¤ÎÊý¤¬Àè¤ËÈô¤ó¤À±Æ¶Á¤Ç¤Ï¤Ê¤¤¤«¤È»×¤¦)¤½¤Î¸å·îȾ¤Ð¤Ë¤«¤±¤Æ¥¹¥×¥ì¥Ã¥ÉÈô¤ó¤Ç¥Ô¡¼¥¯¤Ç100¶á¤¯(¶âÍ»)¤«¤é120°Ì(ABS)¤È¤«¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤Ê¡£3M¤Ë´Ø¤·¤Æ¤Ï»°·î¸åȾ¤Ë¸þ¤±¤Æ¾å¾º¤·¤Æ4·î¤ËÆþ¤ë¤¯¤é¤¤¤«¤é²¼¤¬¤ê¤À¤·¤Æ¤¤¤ë¤Î¿Þ¤Ç¤¹¤¬¥Ô¡¼¥¯¤Ç250¥­¥¿¥³¥ì¤È¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£

¡ØThis market dislocation negatively impacted companies that needed to refinance their maturing commercial paper at a time when they urgently needed liquidity to fund operational disruptions.¡Ù

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¡¦CPÇãÆþ¤Ï¡ÖÇãÆþ¥ì¡¼¥È¤ÏÊ¿¾ï»þ¤«¤é¸«¤¿¤é¹â¤¤¶âÍø¤ËÀßÄê¡×¤¹¤ë¤³¤È¤Ë¤è¤Ã¤Æ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦

¡ØWhat is the CPFF?¡Ù ¤È¤¤¤¦¤Î¤¬¼¡¤Ë¤¢¤ê¤Þ¤·¤Æ¡¢¤Þ¤¢¤½¤³¤ÏÀâÌÀ¤Ê¤Î¤Ç¥µ¥é¥µ¥éή¤·¤Þ¤¹¤±¤É¡¢

¡ØIn light of these events, on March 17, the Federal Reserve announced the CPFF. The CPFF is a temporary liquidity facility authorized under Section 13(3) of the Federal Reserve Act. It is funded with loans from the Federal Reserve Bank of New York and includes a $10 billion equity investment from the U.S. Treasury¡Çs Exchange Stabilization Fund. The facility was announced on March 17 and began its operations on April 14.¡Ù

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¡ØThe CPFF uses a structure that is similar to the CPFF facility introduced in the wake of the collapse of Lehman Brothers in fall of 2008. The previous facility successfully ameliorated strains in the commercial paper market during the financial crisis (see this post for further information). The CPFF both supports commercial paper liquidity in the short run, by providing highly rated issuers with an alternative outlet for their current commercial paper issuance, and in the longer run, as both issuers and investors can be more confident about participating in the market knowing that issuers will be able to roll over outstanding commercial paper.¡Ù

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¡ØBy setting the rate at which it will purchase commercial paper at a premium to ¡Ènormal¡É market pricing, the CPFF stands as a lender of last resort for the A1/P1 commercial paper market, with take-up expected to dissipate as market conditions normalize. ¡Ù

>By setting the rate at which it will purchase commercial paper at a premium to ¡Ènormal¡É market pricing
>By setting the rate at which it will purchase commercial paper at a premium to ¡Ènormal¡É market pricing
>By setting the rate at which it will purchase commercial paper at a premium to ¡Ènormal¡É market pricing

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¤¤¤ä¤Þ¤¢¿§¡¹¤Ê»Ô¾ì¤ËÂФ·¤Æ¿§¡¹¤ÊÁ¼Ã֤֤䳤ó¤Ç¤¤¤ë¤«¤éFED¤âÂç³µ¤Ë¤ÏÂç³µ¤Ê¤Î¤Ç¤¹¤¬¡¢°ì±þ¥Ð¥¸¥ç¥Ã¥È¡¦¥ë¡¼¥ëŪ¤Ê¥µ¥à¥·¥ó¥°¤Ï¤¢¤ë¤È¤¤¤¦Ìõ¤Ç¤·¤Æ¤³¤ÎÀè¤ÎÊý¤Ç¤ÏÀ¯ºö¸ú²Ì¤ÎÏ䬤¢¤ê¤Þ¤¹¤Î¤ÇÅÓÃæ¤ò¤Þ¤¿Èô¤Ð¤·¤Æ¡ØWhat has been the impact of the facility?¡Ù¤ËÆþ¤ê¤Þ¤¹¤È¡¢

¡ØThe chart above shows that, for the shortest maturity issuances, the spreads to one-week OIS (overnight indexed swap) on one-week A1/P1 paper started declining immediately once the facility was announced on March 17, with the spread on nonfinancial commercial paper declining from 112 basis points (bps) on March 17 to 5 bps on April 16, and the spread on financial commercial paper declining from 38 bps on March 17 to 0 bps on April 16.¡Ù

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¡ØThe response of spreads on longer maturity commercial paper was more sluggish, with the spreads to three-month OIS on three-month A1/P1 nonfinancial commercial paper only starting to decline on March 25 from 220 bps to 111 bps on April 16. Similarly, the spreads to three-month OIS on three-month A1/P1 financial commercial paper started to decline on March 26 from 242 bps to 103 bps on April 16.¡Ù

3M¤Î¥¹¥×¥ì¥Ã¥ÉÄã²¼¤Ï´Ë¤ä¤«¤Ë¿Ê¹Ô¤·¤Æ¤¤¤Þ¤¹¤È¡£¤Þ¤¢¤³¤ì¤Ï¤Ä¤Þ¤ê¤ÏÊѤʥꥹ¥¯¥×¥ì¥ß¥¢¥àʬ¤ÏÇíÍ¤Æ¤¤¤ë¤±¤É¡¢¿®ÍÑ¥³¥¹¥È¤ÎÁ´ÈÌŪ¤Ê¾å¾º¤ÎÈ¿±Ç¤Ï»Ä¤Ã¤Æ¤¤¤ë¤È¤«¤½¤¦¤¤¤¦¤³¤¸¤Ä¤±²ò¼á¤¬²Äǽ¤Ç¤Ï¤¢¤ê¤Þ¤¹¡£¤Ê¤ª¡¢¤½¤¦¤¤¤¦²ò¼á¤ò¤¹¤ëºàÎÁ¤¬¤³¤Î¸å½Ð¤Æ¤­¤Þ¤¹¡£

¡ØWhile the facility only accepts commercial paper from issuers rated A1/P1 as of the facility announcement date, by stabilizing the A1/P1 market the facility has had a positive impact on market functioning and liquidity for lower-rated issuers as well, as shown in the next chart. As with the A1/P1 market, the shortest maturity spreads reacted immediately, with the spread on nonfinancial commercial paper declining from 311 bps on March 17 to 87 bps on April 16, and the spread on financial commercial paper declining from 123 bps on March 17 to 5 bps on April 16.¡Ù

¡ØThe reaction of longer maturity spreads has been more sluggish, with a modest 50 bps decline in the spread on nonfinancial three-month paper over the period from March 17 to April 16. ¡Ù

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¡ØInspecting the A1/P1 nonfinancial issuers in greater detail, we can examine whether market pricing for issuers in industries more likely to be directly affected by the COVID epidemic-such as airlines, department stores, restaurants, and hotels-has evolved in the same way as for issuers less likely to be directly affected.¡Ù

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¡ØThe next chart shows that, although spreads on one-week paper have declined for both sets of issuers since the facility announcement, the decline in spreads for more directly affected issuers has been more modest. The facility thus achieves its twin goals of supporting overall commercial paper market liquidity while allowing market participants to differentially price issuers with different risk profiles. ¡Ù

1w¤ÎCP¤Ë´Ø¤·¤Æ¡¢Ä¾·â¶È¼ï¤È¤½¤ì°Ê³°¤È¤¤¤¦¤Î¤Î¥¹¥×¥ì¥Ã¥É¿ä°Ü¤ò½Ð¤·¤Æ¤¤¤Þ¤·¤Æ¡¢Ä¾·â¶È¼ï¤Ïȯ¹Ô¤¬Ìµ¤«¤Ã¤¿»þ¤Ë¤Ï¿ôÃͤ¬Ìµ¤¤¤Î¤Ç¥°¥é¥Õ¤ÎÀþ¤¬ÀÚ¤ìÀÚ¤ì¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¤¬¡¢¾å¤ÎÀâÌÀ¤Ë¤¢¤ëÄ̤ê¤Ç¡¢¤³¤ì¤é¤Î¶È¼ï¤Ë´Ø¤·¤Æ¤Ï1w¤Î¥¹¥×¥ì¥Ã¥É¤¬¤¢¤ë¾õÂ֤ˤʤäƤ¤¤Þ¤¹¡£

¤è¤Ã¤Æ¡¢NYÏ¢¶ä¤Á¤ã¤ó¤Ï¡ÖThe facility thus achieves its twin goals of supporting overall commercial paper market liquidity while allowing market participants to differentially price issuers with different risk profiles.¡×¤È»×¤¤¤Ã¤­¤ê¼«²è¼«»¿¤·¤Æ¤ª¤ê¤Þ¤¹¤è¤¦¤Ë¡¢¡ÖCPȯ¹Ô»Ô¾ì¤Îº®Íð¤ò½¤Éü¤·¤Æ»Ô¾ì´Ä¶­Á´ÂΤò²þÁ±¤µ¤»¤ë¤È¶¦¤Ë¡¢È¯¹ÔÂΤˤè¤ë¥ê¥¹¥¯¤Ë±þ¤¸¤¿»Ô¾ì¤Î¶âÍø¤Ë¤è¤ëÁªÊ̵¡Ç½¤Ï°Ý»ý¤µ¤ì¤Æ¤¤¤ë¡×¤È»×¤¤¤Ã¤­¤ê¶Ä¤»¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¤É¤³¤¾¤Î¶ËÅì¤ÎÅç¹ñ¤ÎÃæ±û¶ä¹Ô¤ÏÄޤι¤(°Ê²¼Æ±Ê¸)¡£


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¡ØSupporting Economic Stability¡Ù¤Ã¤Æ¤Î¤¬ºÇ¸å¡£

¡ØUnlike CPFF usage during the 2007-09 financial crisis, current usage of the CPFF has been relatively limited.¡Ù

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¡ØNonetheless, the return to normal market prices documented above means that the facility is working-providing a backstop but at terms that encourage issuers to seek public market financing.¡Ù

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¡ØWhile the initial disruptions to the commercial paper market appear to have subsided, the facility stands ready to help weather any additional disturbances that may emerge until the COVID-related disruptions to the economy are resolved.¡Ù

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[³°Éô¥ê¥ó¥¯] Stability Report

Current Report: May 15, 2020
[³°Éô¥ê¥ó¥¯] Stability Report


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Current Report: May 8, 2020

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Vice Chair for Supervision Randal K. Quarles
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[³°Éô¥ê¥ó¥¯] 13, 2020
Current Economic Issues
Chair Jerome H. Powell
At the Peterson Institute for International Economics, Washington, D.C. (via webcast)

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¡ØThe coronavirus has left a devastating human and economic toll in its wake as it has spread around the globe. This is a worldwide public health crisis, and health-care workers have been the first responders, showing courage and determination and earning our lasting gratitude. So have the legions of other essential workers who put themselves at risk every day on our behalf.¡Ù

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¡ØAs a nation, we have temporarily withdrawn from many kinds of economic and social activity to help slow the spread of the virus. Some sectors of the economy have been effectively closed since mid-March. People have put their lives and livelihoods on hold, making enormous sacrifices to protect not just their own health and that of their loved ones, but also their neighbors and the broader community. While we are all affected, the burden has fallen most heavily on those least able to bear it.¡Ù

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¡ØThe scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II.¡Ù

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¡ØWe are seeing a severe decline in economic activity and in employment, and already the job gains of the past decade have been erased. Since the pandemic arrived in force just two months ago, more than 20 million people have lost their jobs.¡Ù

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¡ØA Fed survey being released tomorrow reflects findings similar to many others: Among people who were working in February, almost 40 percent of those in households making less than $40,000 a year had lost a job in March.1¡Ù

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¡ØThis reversal of economic fortune has caused a level of pain that is hard to capture in words, as lives are upended amid great uncertainty about the future.¡Ù

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¡ØThis downturn is different from those that came before it. Earlier in the post- World War II period, recessions were sometimes linked to a cycle of high inflation followed by Fed tightening.2¡Ù

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¡ØThe lower inflation levels of recent decades have brought a series of long expansions, often accompanied by the buildup of imbalances over time-asset prices that reached unsupportable levels, for instance, or important sectors of the economy, such as housing, that boomed unsustainably.¡Ù

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¡ØThe current downturn is unique in that it is attributable to the virus and the steps taken to limit its fallout. This time, high inflation was not a problem. There was no economy-threatening bubble to pop and no unsustainable boom to bust. The virus is the cause, not the usual suspects-something worth keeping in mind as we respond.¡Ù

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¡ØToday I will briefly discuss the measures taken so far to offset the economic effects of the virus, and the path ahead.¡Ù

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¡ØGovernments around the world have responded quickly with measures to support workers who have lost income and businesses that have either closed or seen a sharp drop in activity. The response here in the United States has been particularly swift and forceful.¡Ù

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¡ØTo date, Congress has provided roughly $2.9 trillion in fiscal support for households, businesses, health-care providers, and state and local governments-about 14 percent of gross domestic product. While the coronavirus economic shock appears to be the largest on record, the fiscal response has also been the fastest and largest response for any postwar downturn.¡Ù

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¡ØAt the Fed, we have also acted with unprecedented speed and force.¡Ù

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¡ØAfter rapidly cutting the federal funds rate to close to zero, we took a wide array of additional measures to facilitate the flow of credit in the economy, which can be grouped into four areas.¡Ù

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¡ØFirst, outright purchases of Treasuries and agency mortgage-backed securities to restore functionality in these critical markets.¡Ù

¡ØSecond, liquidity and funding measures, including discount window measures, expanded swap lines with foreign central banks, and several facilities with Treasury backing to support smooth functioning in money markets.¡Ù

¡ØThird, with additional backing from the Treasury, facilities to more directly support the flow of credit to households, businesses, and state and local governments.¡Ù

¡ØAnd fourth, temporary regulatory adjustments to encourage and allow banks to expand their balance sheets to support their household and business customers.¡Ù

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¡ØThe Fed takes actions such as these only in extraordinary circumstances, like those we face today. For example, our authority to extend credit directly to private nonfinancial businesses and state and local governments exists only in "unusual and exigent circumstances" and with the consent of the Secretary of the Treasury. When this crisis is behind us, we will put these emergency tools away.¡Ù

¤È¡¢¤³¤³¤Þ¤ÇÍè¤Æ¡Ö¤³¤Î»Üºö¤Ïunusual and exigent circumstances¤À¤«¤é¼Â»Ü¤·¤¿¤â¤Î¤Ç¤¹¤Î¤Ç´íµ¡¤¬µî¤Ã¤¿¤é´íµ¡Âбþ¥Ä¡¼¥ë¤â°ú¤Ã¹þ¤á¤Þ¤¹¤è¡×¤È¤«¤·¤é¤Ã¤È¤Ö¤Ã¤³¤ó¤Ç¤¤¤ëÊÕ¤ê¤Ï¤Þ¤¢°ì±þ¼«À©¤¬¸ú¤¤¤Æ¤¤¤ë¤Á¤ã¤¢¸ú¤¤¤Æ¤¤¤ë´¶¤¸¤Ï¤¹¤ë¡£´íµ¡Âбþ¤Ç¤Ö¤Ã¤³¤ó¤ÀCP¼ÒºÄÇãÆþ¤ò¼¡¤Î´íµ¡¤Þ¤Ç°ú¤ÃÄ¥¤ê³¤±¤Æ·ë¶É̵Ãã¤Ê³ÈÂç¤ò¤·¤Æ¤·¤Þ¤¦¤è¤¦¤Ê¤É¤³¤¾¤ÎÃæ¶ä¤Ï¥Ñ¥¦¥¨¥ë¤Î¹¤¤òÀù¤¸¤Æ°û¤ó¤Ç夭¤¿¤¤¡£


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¡ØWhile the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks.¡Ù

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¡ØEconomic forecasts are uncertain in the best of times, and today the virus raises a new set of questions: How quickly and sustainably will it be brought under control? Can new outbreaks be avoided as social-distancing measures lapse? How long will it take for confidence to return and normal spending to resume? And what will be the scope and timing of new therapies, testing, or a vaccine?¡Ù

¡ØThe answers to these questions will go a long way toward setting the timing and pace of the economic recovery. Since the answers are currently unknowable, policies will need to be ready to address a range of possible outcomes.¡Ù

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¡ØThe overall policy response to date has provided a measure of relief and stability, and will provide some support to the recovery when it comes. But the coronavirus crisis raises longer-term concerns as well. The record shows that deeper and longer recessions can leave behind lasting damage to the productive capacity of the economy.3¡Ù

¡ØAvoidable household and business insolvencies can weigh on growth for years to come. Long stretches of unemployment can damage or end workers' careers as their skills lose value and professional networks dry up, and leave families in greater debt.4 The loss of thousands of small- and medium-sized businesses across the country would destroy the life's work and family legacy of many business and community leaders and limit the strength of the recovery when it comes.¡Ù

Àè¹Ô¤­¤Î¥À¥á¡¼¥¸¤â¤Þ¤À¤³¤ì¤«¤é½Ð¤Æ¤¯¤ë¤È¤¤¤¦¤Î¤Ï¤Þ¤À¤·¤â¡¢¤½¤ÎÀè¤Î²¿Ç¯¤â¤«¤«¤ë¤·¤³¤ó¤ÊÌäÂ꤬À¸¤¸¤ë¤ÎÏ䬤³¤ì¤Ç¤â¤«¤È¤Ð¤«¤ê¤Ë°Å¤¤¤ó¤Ç¤¹¤±¤É¤³¤ÎÊդ˳ô¼°¤Á¤ã¤ó¤È¤«È¿±þ¤·¤¿¤ó¤Ç¤¹¤«¤Í¤¨¡£½¾Íè¤Ê¤éFED¤¬°Å¤¤¸«Ä̤·¢ªÄɲôËÏÂ¥Ò¥ã¥Ã¥Ï¡¼¢ª¥´¥ë¥Ç¥£¥í¥Ã¥¯¥¹Áê¾ì¥Ò¥ã¥Ã¥Ï¡¼¤À¤Ã¤¿¤ó¤Ç¤¹¤±¤É¡£

¡ØThese businesses are a principal source of job creation-something we will sorely need as people seek to return to work. A prolonged recession and weak recovery could also discourage business investment and expansion, further limiting the resurgence of jobs as well as the growth of capital stock and the pace of technological advancement. The result could be an extended period of low productivity growth and stagnant incomes.¡Ù

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¡ØWe ought to do what we can to avoid these outcomes, and that may require additional policy measures. At the Fed, we will continue to use our tools to their fullest until the crisis has passed and the economic recovery is well under way.¡Ù

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¡ØRecall that the Fed has lending powers, not spending powers. A loan from a Fed facility can provide a bridge across temporary interruptions to liquidity, and those loans will help many borrowers get through the current crisis. But the recovery may take some time to gather momentum, and the passage of time can turn liquidity problems into solvency problems.¡Ù

FED¤¬½ÐÍè¤ë¤Î¤ÏÂ߽Хѥ¤Ç¤¢¤Ã¤Æ¾ÃÈñ¥Ñ¥ï¡¼¤Ç¤Ï¤Ê¤¤»ö¤ò»×¤¤½Ð¤·¤Æ¤¤¤¿¤À¤­¤¿¤¤¡¢¤ÈÍè¤Æ¤¤¤ë¤Î¤Ç¤½¤Î»þÅÀ¤Ç¤ª»¡¤·¤Ê¤Î¤Ç¤¹¤¬¡¢ºÇ½é¤ÎÊý¤Î¡Ö¤³¤ì¤Ï°ì»þŪ¤Ê·Ò¤®¤È¤·¤Æ¤ÏÍ­¸ú¤Ç¤¹¤¬¡×¤ß¤¿¤¤¤Ê¤Î¤Ï¤Þ¤ÀÎɤ¤¤ó¤Ç¤¹¤¬¡¢²¿¤â¤½¤ÎÉôʬ¤ÎÄù¤á(¤â¤¦¤Á¤ç¤Ã¤ÈÏäϳ¤­¤Þ¤¹°Ùǰ)¤¬¡Ö¤³¤Î¤Þ¤Þ±Áçò¤È²á¤´¤·¤Æ¤¤¤ë¤ÈήưÀ­¤ÎÌäÂ꤬¥½¥ë¥Ù¥ó¥·¡¼¤ÎÌäÂê¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¤¤Þ¤¹¡×¤È¤«Ê̤˶¯Ä´¤»¤ó¤Ç¤â¥¨¥¨¥ä¥ó¡¢¤È¤Ï»×¤¦¡£¥¹¥Ñ¥¤¥¹¸ú¤«¤»¤¹¤®¡£

¡ØAdditional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery. This tradeoff is one for our elected representatives, who wield powers of taxation and spending.¡Ù

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¡ØThank you. I look forward to our discussion.¡Ù

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