Trillion Dollar Triage: How Jay Powell and the Fed Battled a President and a Pandemic---and Prevented Economic Disaster
by Nick Timiraos
View on GoodreadsIn February 2020 unemployment sat at a 50-year low, and then lockdowns wiped out more than 22 million jobs as markets plunged. Timiraos reconstructs how Jay Powell's Fed, under pressure from the Trump White House, committed trillions of dollars to keep that shock from turning into a collapse.
Core ideas
- Inside the room: Built on extensive interviews with participants, the book rebuilds the tense meetings and video calls where the Fed's emergency response came together.
- The harder half: Pulling support back without setting off inflation or asset bubbles was the next problem, and the inflation worries build through 2021.
- A changed Fed: With historical context on how the institution evolved, the book asks whether the Fed's role in your economy has permanently changed.
Published2022
Pages352
ISBN9780316272810
ReadJun 2024
