⁍ The Fed slashed interest rates to zero in the face of the coronavirus pandemic.
⁍ It began pumping trillions of dollars into financial markets.
⁍ San Francisco Fed President Mary Daly said more action could be needed as the recovery proceeds.
– The Federal Reserve’s promise to keep interest rates near zero is “appropriate” for now, says San Francisco Fed President Mary Daly. “We’ve got the economy and the policy in a good position right now,” she tells Reuters. “I see us as well positioned to weather this storm we are in, and it remains to be seen if more will be needed.” But she added that she’s “not willing to trade millions of jobs” to keep the stock market from going up for “the few who have those holdings.” The situation, she said, “seems unfair (and) another example of Wall Street winning and Main Street losing.”
Source: https://www.reuters.com/article/usa-fed-daly/update-1-us-economy-fed-policy-in-good-position-daly-says-idUSL1N2H502M