by Sam Peterman
Mises.org
“Our country continues to face a difficult and challenging time….People have lost loved ones. Many millions have lost their jobs. There is great uncertainty about the future. At the Federal Reserve, we are strongly committed to using our tools to do whatever we can, for as long as it takes…to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy” –Jerome Powell, Chairman of the Federal Reserve, June 10, 2020
America is hurting. From a pandemic to a recession and mass unemployment to social unrest over the sadly still-present systemic racism in our institutions, our country’s future feels extraordinarily uncertain. Jerome Powell speaks to this above, and he is leading the Federal Reserve in taking an active role to try and mitigate the uncertainty. Perhaps the most important way in which the Fed is trying to mitigate uncertainty is through committing to near-zero interest rates for the foreseeable future.