The Fed Must Step Up Again
Extraordinary times call for extraordinary measures, which in the context of the COVID-19 pandemic means additional fiscal stimulus of the kind promised by US President Joe Biden. To alleviate sustainability fears, the Federal Reserve must prepare to expand its balance sheet and monetize the deficit.
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NEW YORK – The unprecedented fiscal stimulus unleashed in the United States since the start of the COVID-19 pandemic calls for commensurate additional monetary stimulus. The restrictions imposed to control the spread of the coronavirus have caused the deepest global recession since World War II.