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The Fed Bringing the Global Financial System Back From the Abyss

March 30, 2020, 10:00 AM

Sitting calmly in front of a bookshelf filled with thick volumes of the “Federal Reserve Bulletin,” Jerome Powell last week set out to offer a simple explanation for the complicated steps the U.S. central bank is taking to relieve dire stresses in the global financial system.

“Many places in the capital markets, which support borrowing by households and businesses -- I’m talking about mortgages and car loans and things like that -- have just stopped working,” the Fed chair told NBC’s “Today” show, in a rare television interview. “So we can step in and replace that lending under our emergency...

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