How Fed Chairman Powell rescued the mortgage market

How Fed Chairman Powell rescued the mortgage market

On a Sunday night call with journalists in mid-March, four days after the World Health Organization had labelled COVID-19 an “alarming” global pandemic, Federal Reserve Chairman Jerome Powell laid out his plans to rescue the U.S. economy.

Anxiety in the U.S. was high – in the previous three days, the National Basketball League and other major sports organizations had called off games, U.S. states had begun shutting down and movie star Tom Hanks had announced that he and his wife, Rita Wilson, had tested positive for the novel coronavirus.

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