As you know, the Federal Open Market Committee (FOMC) began to ease monetary policy in September 2007, and in December 2008, the Committee set a range of 0 to 25 basis points for the target federal funds rate. We have also employed additional tools to ease financial conditions, improve the functioning of credit markets, and thereby support economic activity.
We are faced with the increasing interconnectedness of markets. There are the demographic demands of a growing millennial population and other dynamics. And we – local industries, businesses and regulators — must constantly keep up. But is survival the goal? Or shall we endeavour to thrive? Concern is raised that these disruptions will aggrevate inequalities among nations. Will we be able to cope?