The Federal Reserve’s responses to the post-Covid period of high inflation

Jane E. Ihrig and Christopher Waller
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Jane E. Ihrig: https://www.federalreserve.gov/econres/jane-e-ihrig.htm

No 2024-02-14, FEDS Notes from Board of Governors of the Federal Reserve System (U.S.)

Abstract: In the face of the COVID-19 pandemic in March 2020, the Federal Reserve committed to using its full range of tools to support the U.S. economy. Over the next year and a half, with progress on vaccinations and strong policy support, indicators of economic activity and employment strengthened while inflation moved higher. Faced with a tight labor market and elevated inflation, the Federal Open Market Committee (FOMC) began a process of unwinding the very accommodative stance of monetary policy and moving to a restrictive policy stance to address inflation pressures. Here we review the sequence of actions taken by the Committee between late 2020 and mid-2023 as well as discuss some issues it contemplated along the way; the table provides a chronological list of key events over this period.

Date: 2024-02-14
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfn:2024-02-14

DOI: 10.17016/2380-7172.3455

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