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 wealth by ... (full story)