In summary, we approach financial system regulation from the stand point of its role in enabling economic activity - by supporting the processes by which people and firms can engage in welfare improving specialisation and trade. To regulate to enable might seem something of a contradiction. However, for any system to work there needs to be some rules, referees, and general confidence.
Since our December 2020 meeting, the Committee has indicated that it will continue to maintain the pace of Treasury and mortgage-backed securities purchases at $ billion and $ billion per month, respectively, until “substantial further progress” has been made toward our maximumemployment and price-stability goals.4 At our September meeting, the Committee continued to discuss the progress made toward these goals, and I myself believe that the “substantial further progress” standard has more than been met with regard to our price-stability mandate and has all but been met with regard to our employment mandate.