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Trillion Dollar Triage
How Jay Powell and the Fed Battled a President and a Pandemic—and Prevented Economic Disaster
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During the 2008 global financial crisis, the Federal Reserve and the US government mounted a halting response that prolonged the economic agony. During the coronavirus downturn of 2020, by contrast, the Fed and the feds acted so decisively that they stabilized the economy in just a few months. As the chief economics correspondent for The Wall Street Journal, Nick Timiraos had a front-row seat to the crisis. In this engrossing retelling, he paints Fed Chair Jerome Powell as a steady hand who made the right moves with minimal drama. Perhaps the only weak spot in this account is that it ends while Powell could still term inflation “transitory.”
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About the Author
Nick Timiraos is the chief economics correspondent for The Wall Street Journal.
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