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The $4.5 Trillion Elephant in the Room
The financial crisis of 2008/09 in many ways was an atypical recession. As a result, the response to arrest the falling economy by the Federal Open Markets Committee (FOMC) was anything but typical and turned out to be truly unprecedented. After cutting the short-term Federal Funds rate to nearly zero, the FOMC embarked on additional stimulative measures through purchasing bonds in the open market with the Federal Reserve’s (Fed’s) balance sheet to stimulate growth.