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Pelley: Fair to say you simply flooded the system with money?

Powell: Yes. We did. That’s another way to think about it. We did.

Pelley: Where does it come from? Do you just print it?

Powell: We print it digitally. So as a central bank, we have the ability to create money digitally. And we do that by buying Treasury Bills or bonds or other government guaranteed securities. And that actually increases the supply of money. We also print actual currency and we distribute that through the Federal Reserve Banks.