possible finally, i would like to take a moment to recognize the passing of our friend and colleague thomas laubachice has been indispensable and played a key role that will define this era he will be remembered for his intellect, but also his kindness we will miss him thank you. i'll now be glad to take your questions. >>> thank you, nick timeros? >> good afternoon, chair powell. you've got very clear about the committee's intentions on rates, not even thinking about raising rates. and low rates as to 2% my question is about -- does the guidance today apply to the current -- are there any make roe economic that you would -- and mvs purchases, and under what conditions would a decrease be appropriate thank you. to help foster acdadive conditions, that is already -- what i've been say, and what other central banks have acknowledged. >>> i would just say this, there are various ways and margins, and we'll continue to adjust to our plans as appropriate >> if i could follow up, i suppose the question but not give guidance when the fed has talked about with the two policy tools working together today we

finally, i would like to take a moment to recognize the passing of our friend and colleague thomas laubach. his outstanding analysis and advice have been indispensable to the fomc and have played a key role in the policy decisions that will define this era of the federal reserve. he will be remembered for his intellect but also for his kindness, his equanimity and dedication to achieving our mission on behalf of the american people. we will miss him. thank you and i will now be glad to take your questions. >> thank you. nick. >> good afternoon, chair powell. wall street journal. you have been very clear about the committee's intention on rates not even thinking about raising rates and today's showing low rates even in on the plummet falls to 4% in inflation rises to 2%. my question is about purchases. does the guidance today apply to the current asset purchase? are there any macroeconomic conditions under which you would favor increasing the monthly pay of treasury and mbs purchases? and under what conditions with the decrease in the monthly pay for purchases be appropriate? thank you. >>