I reasoned that the anticipated softening of economic growth and perhaps the emergence of some slack in the labor market might reduce those pressures, and I judged that a cut of 25 basis points in the target federal funds rate would not materially alter that modal outlook.
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201104~7908460f0d.en.html  2/5  04/11/2020  The two sides of the (stable)coin  Risks would seemingly be mitigated by allowing stablecoin issuers to deposit funds in accounts at the central bank. This would eliminate custody and investment risks for stablecoins and underpin their issuers’ commitment to redemption at par value into fiat currencies. But other fundamental problems would then emerge.