Against a backdrop of increased downward risks to inflation, in early 2015 the shared assessment within the Governing Council was that the measures adopted up until that time − including the programmes of purchases of covered bonds and ABS, and the targeted longer-term refinancing operations − had not resulted in the desired amount of monetary stimulus.
At the Fed, we take the value and responsibility of public service pretty seriously, and there really is no greater contribution to the common good than teaching. The pandemic has been tough on everyone, but it has asked more of some than others. Making it through this time has been no small feat for anyone, but teachers deserve distinct praise and appreciation.