Jay Powell, Chairman of the Federal Reserve, gave testimony today before the Senate Banking Committee. No breaking news. Basically a continuation of recent talking points coupled with the same adulation by the various Senators for the Fed’s “work.” However, there was finally a couple of real questions that were asked of the chairman this afternoon. Such as, if markets are functioning smoothly, then why would the Fed continue to utilize several of its “emergency facilities?” This is in relation to the Fed’s announcement yesterday that they will be purchasing corporate bonds on the secondary markets. This facility was announced nearly three months ago, yet is only being utilized now – even though the Fed states that markets are functioning properly. Then why use the facility? This is a basic question and one whose answer was lacking. In summary, they don’t have to do it (buy corp debt), but we’re doing it anyway. #EndTheFed #Bailouts #Economy #Recession #USA #Debt #Revolution