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FAST THINKING: The Fed caps its most important year ever Fast Thinking by Atlantic Council JUST IN We’re kicking off this edition with a financial term: “quantitative easing,” or QE. It’s what the US Federal Reserve does when it buys up assets like Treasury bonds to inject funds into the economy, lowering borrowing costs and boosting consumer and government spending. This was more crucial than ever in 2020 as the Fed increased QE to unprecedented levels to keep financial fallout from the pandemic at bay. That, combined with the Fed’s move to lower its benchmark interest rate to zero, made this the most important year in the history of US monetary policy, according to Josh Lipsky, whose team at the GeoEconomics Center has been documenting the effects. The Fed announced today that these policies will largely continue next year and perhaps beyond a decision that will define the e

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