Mortgage

How Fed Chairman Powell rescued the mortgage market

12 days in March that tamed interest rates

federal reserve

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 Association 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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3d rendering of a row of luxury townhouses along a street

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