This has also tended to concentrate minds on the one that remains -- namely, the level of unemployment. This is a reasonable priority because less progress has been achieved on unemployment than on the other imbalances in the economy that came to the fore in the mid-1970s and persisted through the 1980s.
And we worked closely with the Treasury to develop programs that successfully ended the run on the money market mutual funds. The Federal Reserve also acted to help restore normal functioning in key financial markets. We established a backstop commercial paper facility to help address severe strains in the commercial paper market, on which many firms rely to finance their operations.