Loading ...the Fed will do anything it needs to, on any scale imaginable, to end this shortage. Its announcement was phrased in the dry bureaucratese typical of statements from a central bank. But it contains a powerful idea. The Fed, the one entity in the world with the power to create dollars out of thin air, has every intention of doing so at whatever magnitude is necessary to try to reduce the severity and limit the duration of the coronavirus economic crisis. ‘The Federal Reserve is committed to using its full range of tools to support households, businesses and the U.S. economy over all in this challenging time,’ the statement begins. Unlike some past grand statements from central bankers promising to do ‘whatever it takes’ to solve a crisis, this one was accompanied with actions matching the scale of the words.”
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