Yes the Fed will QE during the downturn

Curiously, before Powell's remarks were dropped, both Dudley and Rosengren were on the tape this morning talking super dovish about QE as "useful to have in the toolkit for those times when the short-term interest rate tool may not be available," adding that The Fed is “quite likely” to require large-scale asset purchases again because real rates will remain low due to slow productivity and labor-force growth.

Note, lower  productivity means larger deficit when obligations are fixed.  All of our borrowed money  used to cover past interest charges so discretionary spending is dead, no stimulus possible.

The fed lowers rates and does QE in the middle of inflation because government cannot pay its bills. The QE means a meeting of the elders and TBTF bailouts result from rate collapse.  We then enter our planned recession.  Powell will do it the same as Ben.