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In May 2020. Chair Powell testified that the Fed's emergency lending programs would facilitate more directly the flow of credit to households, businesses, and state

In May 2020. Chair Powell testified that the Fed's emergency lending programs would "facilitate more directly the flow of credit to households, businesses, and state and local governments." In an interview soon thereafter. Powell stated that the Fed "is strongly committed to using our tools to do limited repurchasing of liquid assets limited discounting of illiquid assets limited lending to provide liquidity to the financial systemn whatever we can for as long as it takes

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