Looking beyond the aggregate numbers, we saw last year how, while almost half of workers had their incomes directly supported by the State at one point, thousands of rms were shuttered for most of the year, and yet household savings increased by the largest amount ever.
It recognizes that the Federal Reserve’s insulation from short-term political pressures is essential for fostering achievement of its legislative objectives of stable prices and maximum employment over time. Second, the views you are about to hear are my own and not necessarily those of any other member of the Federal Open Market Committee (FOMC).