We also moved immediately after the attacks, as did other major central banks, to provide additional liquidity to the financial system to ensure its smooth functioning. At times like these, a key factor in preserving confidence in the prospects for our economy is a financial system that continues to work effectively. The ongoing economic effects of last month's shock are very difficult to assess.
Federal Reserve staff analysis indicates that unemployment is likely above 20 percent for workers in the bottom wage quartile, while it has fallen below 5 percent for the top wage quartile. 20 Black and Hispanic unemployment stood at 9.9 percent and 9.3 percent, respectively, in December, while White unemployment was 6.0 percent.