Is credit policy the new normal for the Fed?
Three former senior Fed officials look back on an unprecedented month of policy action
The Federal Reserve’s response to the coronavirus crisis has been forceful. Since the beginning of March, it has implemented a sequence of closely co-ordinated measures in a very short space of time. It is an unprecedented month of policy action for the central bank – and there is likely more still to come.
Most notable in its response to the economic fallout caused by the coronavirus has been the application of a number of lending facilities under Section 13(3) of the Federal Reserve Act. The
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