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The Fed's job is to keep the value of currency steady and support full employment, not to play games with Congress.

The dollar index is well within its normal range.

No amount of buying corporate debt will keep people employed.

This is to artificially reflate asset prices.

How can the Fed support full employment if governments are forcing people to stay inside and business to close?

By making lending to the closed businesses so attractive that they can stay open over the course of the quarantine. (Likewise people can stay fed.)

But that's not what this is doing at all. This is keeping existing corporate debt artificially priced.

Unless they lower rates to negative, new debt isn't getting any cheaper.

If the fed plays politics, the politicians will play politics back, but harder.

Wrote a thread about a different perspective of the Fed. I want to gently suggest that your concept of what the Fed is, is not correct. It’s complex, and a very unique government/private entity, but it certainly is explicitly not supposed to respond to any sort of political influence.

https://mobile.twitter.com/elamje/status/1242129602040008704