The Federal Reserve took its biggest shot at easing monetary conditions in mid-March by lowering the Fed funds rate to zero, but there are other programs it can and likely will do.

For example, the central bank recently eased rules concerning how banks account for their safest assets, which should increase the flow of credit to cash-strapped consumers and businesses during this coronavirus-induced slowdown. By excluding Treasury paper and deposits held at the central bank from the bank’s supplementary leverage ratio, the Fed is manipulating the 3% minimum capital requirement. This effectively means the banks could replace that paper in its assets based with loans to consumers and businesses.

The Fed made it clear that change is designed to give banks more flexibility to grow their assets rather than shrink their capital by increasing shareholder payouts. There were also indications from Fed policymakers that the central bank doesn’t see its role as done or that its arsenal is exhausted now that rates are zero. There are more Fed facilitative actions possible. It was not clear on what.

Separately, in an interview with CNBC, Dallas Fed leader Robert Kaplan said that the country’s elected leaders would likely need to add stimulus to the economy to mitigate the...

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