Abstract
Abstract This chapter tackles the Federal Reserve’s measures on the financial stress in the US economy following the global pandemic. It starts with the Federal Reserve’s overarching mandate to maintain and foster financial stability before tackling specific and subordinating mandates. The Federal Reserve’s mandates, the knowledgeable and deliberate use of available tools, and leadership are the three concepts that influenced the central bank’s actions. The chapter then cites the correlation between the progress of successful vaccine development and the progress in abating financial stresses caused by the pandemic. It explains how the Federal Reserve used liquidity to mitigate exceptional financial stress and improved its firepower through the creative and effective use of financial engineering.
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