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Update on Coronavirus

Patrick T. Harker, President and Chief Executive Officer March 17, 2020 — As the coronavirus pandemic continues, the daily lives of people here in the Third District and throughout the United States are being affected in extraordinary ways. Slowing the spread of COVID-19 is critical, and the primary response to this challenge will come from health-care providers and public health experts. During this difficult time, we at the Federal Reserve Bank of Philadelphia are fully committed to continuing our work to ensure the safety and soundness of the economy and financial system.

Recently the Federal Open Market Committee (FOMC) took actions to support our nation’s economy during these unusual circumstances. As a member of the FOMC, I can tell you that my colleagues are all thoughtfully monitoring the impact of coronavirus on the economy, in our districts, nationwide, and globally. Our actions are guided by our mandate from Congress to promote maximum employment and price stability, as well as our overall responsibilities for ensuring the financial system operates securely and smoothly.

At the Philadelphia Fed, we continue to carry out our essential functions, while also protecting the health and well-being of our employees. Most of our staff are working remotely, in keeping with guidance of public health officials, but we also are maintaining critical staff on site. Our employees are fully dedicated to carrying out the Bank’s mission, and I am deeply proud of their spirit of public service.

Protecting as many Americans as possible from COVID-19 is paramount, and I hope you join me in following the guidelines set forth by health-care experts and the government.

As ever, we remain focused on supporting the strength and integrity of the economy and financial system, in the Third District and nationwide.   

Sincerely,
Patrick T. Harker
President and CEO
Federal Reserve Bank of Philadelphia

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  • Last update: March 17, 2020

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