Chair Powell Says Fed Is Fully Committed to Supporting U.S. Economy

The transcript discusses the severe economic and social impacts of the pandemic, highlighting the sacrifices made by individuals and the disproportionate burden on low-income earners. It describes the unprecedented economic downturn, with significant job losses and uncertainty about the future. The Federal Reserve's response includes various measures to support the economy, such as purchasing securities and providing liquidity. The importance of transparency in these actions is emphasized to maintain public trust.

What is one of the main reasons people have put their lives on hold during the pandemic?

• To increase their work hours

• To travel more frequently

• To protect their financial investments

• To safeguard their health and that of others

Which group has been most affected by the economic downturn caused by the pandemic?

• Retirees

• Middle-income earners

• High-income earners

• Low-income earners

What is one of the actions taken by the Federal Reserve to support the economy?

• Increasing taxes

• Purchasing treasuries and mortgage-backed securities

• Reducing social security benefits

• Implementing new trade tariffs

How many facilities has the Federal Reserve created under section 13 to support liquidity and credit flow?

• 15

• 11

• 8

• 5

What is the Federal Reserve's commitment regarding the use of its emergency powers?

• To delegate them to state governments

• To ensure transparency

• To use them sparingly

• To keep them confidential