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The tools that rescued America’s economy are mostly helping wealthy Americans

jerome powell

Summary List Placement

As the pandemic plunged America’s economy into turmoil last March, Jerome Powell, the Federal Reserve chairman, rushed to prop it back up with a series of programs.

A policy that the Fed pioneered during the 2008 Great Recession known as quantitative easing, in which the country essentially buys its own debt, worked by making credit more readily available. Companies in sectors heavily impacted by the pandemic rushed to raise new funding, with US corporate bond issuance hitting $1 trillion in record time

Besides helping businesses, it’s also helped the wealthy class of stock-owning Americans. The details ⇒

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