Donald Trump has resumed his demands for the “pathetic, slow moving” Federal Reserve to lower rates in the face of the coronavirus, and “Also, stimulate!”
The Fed has, of course, already lowered rates by a surprise half a point, something it had not done since the financial crisis. But it has also been busy since, in ways the US president might not have noticed.
The Fed is now fencing with both hands: having eased monetary policy to support growth, it is now expanding liquidity policy as well — moving extra cash out to banks to make sure financial markets function cleanly through the disruption caused by the outbreak.
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