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Federal Reserve policymakers were out on the hustings last week, and they continued to emphasize more aid may be needed on the fiscal front, especially in terms of credit to small firms and people most affected.

Thursday, at an online Brookings Institution forum, Fed Chairman Jerome Powell said, “We will continue to use these powers forcefully, proactively, and aggressively until we are confident that we are solidly on the road to recovery.” Additionally, he repeated his call on Congress and the Administration to take additional measures to keep economic activity from seizing further.

“…These are lending powers, not spending powers.” Though borrowers will benefit, “there will also be entities of various kinds that need direct fiscal support” instead. The job of giving financial support “directly to those most affected falls to elected officials, who …should direct our collective resources,” Mr. Powell said.

Adding to the chorus, Fed Chicago President Charles Evans said in a speech that although the country entered the crisis with “solid economic fundamentals … the economic downturn will be deep,” adding the longer the crisis goes on, the greater the risks to the outlook. “We are all using valuable resources and savings that we had inte...

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