Many well-intentioned policies meant to lift communities of color have had the opposite effect, perpetuating disparities along racial lines. Could an explicit focus on race in community development help distribute opportunity more equitably?
Short-term rates were constrained near zero for much of the past decade. The Fed, to achieve its macroeconomic goals, was impelled to use two unconventional monetary policy tools: forward guidance and quantitative easing. These tools likely strengthened the economic recovery and helped return inflation to the Fed’s target—although their full impact remains uncertain.
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