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Keywords:Main Street Lending Program 

Speech
Prepared Testimony for the Congressional Oversight Commission

President Rosengren spoke about the operationalization of the Federal Reserve’s Main Street Lending Program, a facility authorized by the Board of Governors of the Federal Reserve System under section 13(3) of the Federal Reserve Act, with approval of the Secretary of the Treasury. The Department of the Treasury committed to make an equity investment of $75 billion in the Program – and the funds available for investment by the Treasury were appropriated to the Exchange Stabilization Fund under section 4027 of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). ...
Speech

Speech
Panel Remarks: The Fed and Main Street during the Coronavirus Pandemic

Panel Remarks at The Fed and Main Street during the Coronavirus Pandemic, WebEx event, April 23, 2020.
Speech

Speech
The Main Street Lending Program and Other Federal Reserve Actions

Today I’ll focus on two of the Federal Reserve’s lending programs being run by the Boston Fed: the Money Market Mutual Fund Liquidity Facility and the Main Street Lending Program.
Speech

Speech
The Economy’s Outlook, Challenges, and Way Forward

Recent economic data have been encouraging, but President Rosengren believes the most difficult part of the recovery is still ahead of us. A full recovery probably requires the availability of vaccines and more effective treatments for the virus because until then, many businesses and households are unlikely to return to more normal spending habits. While he anticipates a slowly improving economy, economic activity still faces serious headwinds. Potential financial impediments and challenges in the labor market make the recovery process more gradual than any of us would prefer. Improvement in ...
Speech

Speech
Implementing the Fed’s Facilities: Moving at Maximum Speed with Maximum Care

Remarks before the Money Marketeers of New York University (delivered via audio webinar).
Speech

Report
A Helping Hand to Main Street Where and When It Was Needed

This paper investigates the lending activity of the Main Street Lending Program, which the Federal Reserve established at the onset of the COVID-19 pandemic in spring 2020. Main Street was the largest (by total principal outstanding) of the Federal Reserve's emergency credit and liquidity facilities. The authors find fairly robust evidence that Main Street accomplished its key goal of directing more funds where and when they were most needed. Businesses located in states with more severe declines in commercial activity (as proxied by mobility indicators) and higher infection rates obtained a ...
Current Policy Perspectives

Speech
The Economy’s Outlook, Challenges, and Way Forward

President Rosengren’s comments were delivered at the Massachusetts Bankers Association’s New England Conference, and were based on a speech he delivered on September 23, 2020 to the Boston Economic Club.
Speech

Speech
The Main Street Lending Program and Other Federal Reserve Actions

The economy has suffered a truly severe shock from the COVID-19 public health crisis. The unemployment rate has risen very significantly in response to necessary shutdowns intending to limit the health impact of the pandemic. However, even when businesses are free to open, many may face diminished demand until customers once again feel secure leaving their homes, which underlines that public health is at the root of this crisis and its solutions.
Speech

Speech
An Update on the Economy and the Main Street Lending Program

Today I would like to speak with you about the pandemic, its effects on the economy, the implications for Federal Reserve policymaking, and some of the steps that the Fed is taking to address the crisis and mitigate its financial impact on American households and businesses.
Speech

Speech
The Economic Outlook – Optimism Despite the Challenges Ahead

We enter 2021 with some optimism. The pandemic is likely to continue to be a problem for public health and the economy until widespread vaccinations take hold. Nonetheless, with substantial fiscal and monetary support, I expect a robust recovery starting in the second half of this year. I also expect that short-term interest rates near zero will be appropriate throughout this year, and that the Federal Reserve will continue to purchase long-term assets until the economy is on a stronger economic footing.
Speech

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