The Fed admits it can’t easily fix an economic problem it helped create

From aol.com

The Federal Reserve’s policy decisions in recent years have exacerbated economic inequality in America, and some of the central bank’s policymakers say it’s not a problem they can easily fix. Millions of Americans, especially the richest, took advantage of the ultra-low interest rates during the pandemic, when the Fed loosened up monetary policy to shore up the economy. Borrowing costs are now well above pandemic-era levels, but about 20% of homeowners still have a mortgage rate below 3%, according to Fannie Mae. Not only do those households have lower mortgage payments, but they’ve also been accumulating ... (full story)