Fed will do “everything possible” to support the economy amid alleged recession

US, WASHINGTON (ORDO NEWS) — The Federal Reserve is ready to do even more to help the US economy suddenly stall, while companies are shutting down and people are forced to sit at home to slow down the spread of coronavirus, said the head of the Federal Reserve Bank of San Francisco, Mary Daily.

“The Federal Reserve is ready to do everything we can to ensure that we are part of the solution to support people against the background of the virus, support the US economy, so that we can take a better position to resume growth as soon as the virus recedes,” Daily said in an interview with Yahoo Finance.

“If we do everything right, stay at home and limit the spread of the virus, the economy will be in the best position to recover.”

According to the Daily, since millions of people are losing their jobs due to lower demand, and states are forced to shut down non-major companies, the economy is likely to be in a state of recession.

The Fed’s task, along with that of the US government, is to provide support to financial markets, companies and people who are doing their duty to strengthen public health, the Daily said. Once the pandemic threat passes, the Fed’s programs and low interest rates will help accelerate economic recovery, she said.

“The virus and its evolution will determine both the scale of the crisis and its duration,” Daley said.

“The virus will also determine the size of the actions we must take. These are unprecedented times, and they require unprecedented action.”

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