The coronavirus pandemic has brought with it extraordinary challenges for households, businesses, and communities across the nation.
This is first and foremost a public health crisis. It’s our doctors, nurses, and healthcare professionals who are on the front lines supporting the public. I am grateful for their service to the American people during these unprecedented times.
The coronavirus has also created huge economic challenges, the scale of which is still evolving. The New York Fed, and the Federal Reserve System, has taken a number of actions in the past few weeks to support the economy and financial stability. In addition to lowering the target range for the federal funds rate, we have set up a number of facilities to improve access to credit.