Reference no: EM133066054

The Federal Reserve Bank releases a report after each FOMC meeting. The last press conference was held on November 3rd. Please watch Fed Chair Powell's report on monetary policy and the economy (Just the report on monetary policy in the press conference. It's around 9 minutes. If you have time, I highly recommend that you also listen to the Q&A session. The Q&A session is held virtually due to Covid-19)

November 3rd, 2021 Chair Powell's press conference on Monetary Policy (Note: You can also find this information on the Federal Reserve Bank website

-Based on this report, what can you tell about the US economy (GDP, economic growth, unemployment, inflation)? Please also add information from your research in Week 1 (remember that we have new data released on bea.gov and bls.gov since our first week. We constantly need to update data. Please check the latest data before you post your comments)

-The Fed's dual mandate is to promote maximum employment and keep prices stable (target inflation rate 2% is abandoned due to Covid-19). Please first explain how the Fed used its monetary policy tools (interest on reserves, discount rate, and open market operations) during the great recession to stimulate the economy (you can use the charts in the below links)

-Then, comment on the Fed's current monetary policy based on Powell's testimony. How similar is the Fed's approach today to the Fed policy during the Great Recession?