Quarles Says More May Be Asked of Fed Before Virus Crisis Ends

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(Bloomberg) -- Federal Reserve Vice Chairman for Supervision Randal Quarles said financial strains triggered by the coronavirus have eased but “the storm” is not over and further steps may be needed to shelter the U.S. from the pandemic.

“We at the Federal Reserve are seeking to play our role responsibly and effectively,” Quarles will tell the Senate Banking Committee in testimony scheduled for Tuesday, according to a text of his prepared remarks posted on the Fed’s website. “The tools we have are ones no country should ever hope to need; the hour of their use is one no country should ever hope to face.”

“More may be required of us before the current crisis ends,” Quarles said. “We can only pledge to do what this moment demands.”

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