Private 2010 Records Show Dudley’s Staff Urging Bold Fed Action
- Bloomberg obtains eight New York Fed ‘Blackbooks’ through FOIA
- NY Fed staff urged novel inflation-linked stimulus policy
Opening the New York Fed’s 2010 Blackbooks
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The Federal Reserve’s eyes and ears on financial markets were starting to sense trouble.
A year into the economic recovery in late-2010, unemployment rates of more than 9 percent weren’t improving. Inflation was too low and decelerating, and across the Atlantic the Greek debt crisis was catching fire. The central bank’s policy rate was at zero and the first round of asset purchases was over.