William McChesney Martin, former chairman of the Federal Reserve, famously said the job of the Federal Reserve (Fed) is "to take away the punch bowl just as the party gets going." Martin was referring to the need to raise interest rates just when the economy reaches peak activity after a recession. Since then, the role of the Fed has been viewed in this context. But many contend the Fed has waited too long in the current crisis to take corrective action. Since the coronavirus pandemic began, the Fed reduced interest rates to near zero and began a program of asset...

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