The benefits are indeed tremendous, and the institutional foundations of the global economic system, which are often referred to as the international financial architecture, deserve credit for having ensured that they clearly outweigh the related challenges.
The Committee took these actions to help keep the U.S. economy strong and inflation near our 2 percent objective and to provide some insurance against ongoing risks. As monetary policy operates with a lag, the full effects of these adjustments on economic growth, the job market, and inflation will be realized over time.