But the most recent cycle has brought a worldwide economic downturn that is much larger than any in recent history, with distinctive features of "simultaneity" and "rapidity."
2 See the FOMC statements issued after the March 3 and March 15 FOMC meetings, which are available (along  with other postmeeting statements) on www.federalreserve.gov/monetarypolicy/fomccalendars.htm. the  Board’s  website  at  3 See Federal Reserve Act, 12 U.S.C. § 343 (1932), quoted text in paragraph 3.A.