Fed set to adopt ‘elements’ of price-level targeting

US dollar

The coronavirus-induced recession – dubbed “The Great Lockdown” by the International Monetary Fund – will dramatically change the debt profile of the global economy. Many governments, corporations and households are taking on vast amounts of debt to bridge the lockdown period, meaning the affordability of servicing this debt looks set to be a defining feature of any economic recovery.

While fiscal measures to temporarily replace lost incomes of firms and households have taken centre stage

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