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Explaining the Fed’s recent conventional and unconventional monetary policy
This FRED graph chronicles the advent of “unconventional” monetary policy in the US since the 2007-08 financial crisis and the recent efforts by the Federal Reserve to normalize monetary policy. The graph shows the unemployment rate (in blue), the stock of mortgage-backed securities held by the Federal Reserve (in green), and the effective federal funds rate (in red). While the first series reflects an objective of monetary policy, the other two series reflect instruments of monetary policy: the federal funds rate being a “conventional” instrument and the large holdings of mortgage-backed securities being an “unconventional” instrument.
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