The Fed Cut Rates to Zero, but It Didn't Rear Its Head

The Fed cut rates to zero and pumped out money through quantitative easing, the buying of bonds. People said it's going to be inflationary, yet it didn't rear its head. Then in twenty one, we started to see the inflation; then the Fed came out strongly that they thought it was transitory. And so they embarked on a dramatic program of interest rate increases. That produced very dramatic declines in the stock and bond markets.