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The tools that rescued America's economy are mostly helping wealthy Americans

7 days ago   |   By Business Insider

Jerome Powell, chairman of the Federal Reserve.
Drew Angerer/Getty Images
The US central bank's economic rescue efforts during the pandemic have supported America's recovery, which is turning out to be K-shaped .
To stimulate the economy after a dramatic slowdown and stock-market crash triggered by the coronavirus pandemic, the Federal Reserve bought Treasury bonds and mortgage-backed securities, a process known as quantitative easing that was pioneered during the 2008 Great Recession. The Fed also kept interest rates low.
The wealthy were incentivized to invest in the stock market, and...
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