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In an attempt to mitigate economic damage from the COVID-19 shutdowns, the Federal Reserve has injected more than $2 trillion of newly created fiat currency into the economy. Since the end of February, the central bank has expanded its balance sheet from just over $4 trillion to more than $6.6 trillion. Rather than limit itself to relying on its usual tools such as lending directly to financial institutions through its discount window, the Fed is lending directly to businesses, directly purchasing corporate bonds, and purchasing state and local government bonds. Join us for a conversation about these developments—and what they mean for our economic future.
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