mr. timiraos? guest: that is the challenge especially for the fed because fed tools work through financial markets. they work through the banking system, through bond markets to try to spur more spending, more investment by lowering the cost of credit. that works through people taking out loans to invest or spend money. they are sensitive to that critique, that every time we go into a recession it seems like we meant -- create a new crop of billionaires because of all of this easy money. what is interesting about the response to the recession, the pandemic shock in 2020, is congress spend more money up front. the fed is sometimes referred to as printing money, crating money out of thin air -- creating money out of thin air. they are increasing their balance sheet. this time, the treasury department and congress spent a lot of money. a lot of the benefit from the fed's decisions to keep interest rates low resulted in lowering borrowing costs for the u.s. government, which was in turn going out and s

mr. timiraos?at is the challenge especially for the fed because fed tools work through financial markets. they work through the banking system, through bond markets to try to spur more spending, more investment by lowering the cost of credit. that works through people taking out loans to invest or spend money. they are sensitive to that critique, that every time we go into a recession it seems like we meant -- create a new crop of billionaires because of all of this easy money. what is interesting about the response to the recession, the pandemic shock in 2020, is congress spend more money up front. the fed is sometimes referred to as printing money, crating money out of thin air -- creating money out of thin air. they are increasing their balance sheet. this time, the treasury department and congress spent a lot of money. a lot of the benefit from the fed's decisions to keep interest rates low resulted in lowering borrowing costs for the u.s. government, which was in turn going out and spending mo