The US central bank also made an adjustment of the program's terms, setting minimum interest rate level at the interest of reserve balance, effective immediately, to block an arbitrage opportunity that banks have been taking advantage of.
Governor Macklem said the "Governing Council’s discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level"
Edited transcript of our interview with Paul Romer, on why the US urgently to scale up testing for Covid-19 and why he thinks the covid-crisis amounts an intellectual failure