The Fed, Part I—Not Enough in Reserve?

It would be hard to overstate how large the Federal Reserve looms in investors’ minds or its influence on financial markets. While the central bank has received praise for its quick and decisive action during the current crisis, focusing on liquidity and keeping capital flowing, questions must be raised about its recent messaging in light of the recently announced most significant changes to its long-term strategy in nearly a decade. Tony welcomes Charles Plosser, president and CEO of the Federal Reserve Bank of Philadelphia from 2006 to 2015, for this important discussion.