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Last Updated : Sep 19, 2019 08:04 AM IST | Source: PTI

US Fed's Powell downplays concerns about cash crunch on financial markets

Powell said the need to pay quarterly tax payments was a factor, which prompted the New York Federal Reserve Bank twice this week to inject liquidity into the short-term funding market.


US Federal Reserve Chairman Jerome Powell downplayed concerns in recent days about a cash crunch in US financial markets, saying the situation says little about the real economy.

Powell said the need to pay quarterly tax payments was a factor, which prompted the New York Federal Reserve Bank twice this week to inject liquidity into the short-term funding market.

"While these issues are important for market functioning and market participants, they have no implications for the economy or the stance of monetary policy," Powell said in a press conference.

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First Published on Sep 19, 2019 07:53 am
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