Fed Officials Are Getting Real About the Limits of Their Power
- Monetary policy makers increasingly blunt about their limits
- Trends beyond their reach are smothering global growth
The Marriner S. Eccles Federal Reserve building stands in Washington, D.C.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
The Federal Reserve can’t do it alone.
For eight years it’s pressed the gas pedal -- lowering rates, buying bonds and declaring their absolute resolve to revive moribund growth. This has helped heal scars from the Great Recession, namely reducing unemployment to below 5 percent from a 10 percent peak.