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https://octopusmoneymultipliers.com/2020/08/20/fed-wednesday-fire-sale-stock-market-slump/

Fed Wednesday Fire Sale Stock Market Slump
adminnAugust 20, 2020

At the latest meeting on July 28-29, the staff said they expected the rate of recovery in gross domestic product and the pace of declines in the unemployment rate to be “somewhat less robust than in the previous forecast.”

Participants noted that the fiscal support initiated in the spring through the CARES Act had been very important in granting some financial relief to millions of families,” the minutes read. Several officials argued that extending that aid “would likely be important for supporting vulnerable families, and thus the economy more broadly, in the period ahead.”

Fed Chairman Jerome Powell has said the central bank isn’t “even thinking about thinking about raising rates.”

uncertainty “matters a lot for players in the economy.”

“We are at a very vulnerable spot, and I don’t know what the next shoe to drop will be,”

Fed officials noted that there had been an increase in uncertainty about the economic outlook since their prior meeting in mid-June.

“Some participants observed that, due to the nature of the shock that the U.S. economy was experiencing, strong fiscal policy support would be necessary to encourage expeditious improvements in labor market conditions,”

officials decided to keep interest rates at zero and to maintain monthly purchases of $120 billion of U.S. Treasurys and mortgage-backed securities.

Many of the Fed officials who talked about yield curve control said there were only “modest benefits” and potential serious “costs” to the strategy, including uncertainty over how to end it once it has been started.

“In light of these concerns, many participants judged that yield caps and targets were not warranted in the current environment but should remain an option that the FOMC could reassess in the future if circumstances changed,” the minutes said.

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