The latter might require that we allow the auction to set the price without a constraining minimum, but a small auction should not distort the allocation decisions of private participants. Our experience in recent months has underlined the global interdependencies of financial markets.
Jerome H Powell: Recent economic developments and the challenges ahead Speech by Mr Jerome H Powell, Chair of the Board of Governors of the Federal Reserve System, at the National Association for Business Economics Virtual Annual Meeting, 6 October 2020. * * * Good morning.