Andrew Levin on the Costs and Benefits of QE4 and the Future of the Fed’s Balance Sheet
Macro Musings with David Beckworth
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Risk Management - Is the Fed Ready for a Pandemic?
The Federal Reserve put all of its chips on the outcome in which inflation was transit to work. That's completely consistent with the Fed's previous approach going back really to the days of Paul Volcker and Ellen Greenspan thinking hard about risk management. If we thought that there was a 10% or 20% or 30% chance that the inflation pick up wasn't going to be transit to worry, they should have been building that into their policy plans and strategy. So I think it's a mistake to say oh, this has all just been over the past year"
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