Federal Reserve Chairman Jerome Powell is expected to say the Fed will do whatever it takes to keep short-term funding markets calm, but he is not yet likely to have a longer term solution for recent stress in the market. Market pros say it’s possible the Fed may ultimately have to expand its balance sheet even more through a new quantitative easing program, in addition to steps it’s already taken. It also is expected to make a permanent, standing repo operation, instead of just temporary ones. Powell speaks to the press at the end of the Fed’s two-day meeting Wednesday afternoon, and it’s unclear whether the Fed ... (full story)