7 See Jerome H. Powell (2021), “Getting Back to a Strong Labor Market,” speech delivered at the Economic Club of New York (via webcast), February 10, https://www.federalreserve.gov/newsevents/speech/powell20210210a.htm. 8 See Board of Governors of the Federal Reserve System (2018), “Fiscal Agency Services,” webpage, https://www.federalreserve.gov/paymentsystems/fisagy_about.htm. -4The second form of interaction involves the Treasury and the Federal Reserve working together on certain macroeconomic policy issues.
The appropriate social and political response to these undeniable job losses is a critical issue, one to which I will return. For now, however, I will point out that although trade does lead to the loss of jobs in some industries and locations, trade also creates jobs, both directly and indirectly.