The Federal Reserve Bank releases a report after each FOMC meeting. The last press conference was...

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The Federal Reserve Bank releases a report after each FOMC meeting. The last press conference was held on November 3rd. Please watch the Fed Chair Powell's report on monetary policy and the economy (Just the report on monetary policy in the press conference. It's around 9 minutes. If you have time, I highly recommend that you also listen to the Q&A session. The Q&A session is held virtually due to Covid-19)

November 3rd, 2021Chair Powell's press conference on Monetary Policy (Note: You can also find this information on theFederal Reserve Bank website(Links to an external site.)

(Links to an external site.)

November 3, 2021Chair Powell's press conference on Monetary Policy TRANSCRIPTS(Links to an external site.)(Links to an external site.)

November 3, 2021Federal Reserve FOMC Statement (Links to an external site.)(Links to an external site.)

March 17, 2021Decisions Regarding Monetary Policy Implementation(Links to an external site.)

(Links to an external site.)(Links to an external site.)

(Links to an external site.)

What can you tell about the US economy based on this report (GDP, economic growth, unemployment, inflation)? Please also add information from your research in Week 1 (remember that we have new data released on bea.gov and bls.gov since our first week. We constantly need to update data. Please check the latest data before you post your comments)
The Fed's dual mandate is to promote maximum employment and keep prices stable (target inflation rate 2% is abandoned due to Covid-19). Please first explain how the Fed used its monetary policy tools (interest on reserves, discount rate and open market operations) during the great recession to stimulate the economy (you can use the charts in the below links)
Then, comment on the Fed's current monetary policy based on Powell's testimony. How similar is the Fed's approach today to the Fed policy during the Great Recession?
Respond to a classmate's post.

Komalavalli · Accepted Answer

1)
According to "preliminary" estimates from the Bureau of Economic Analysis, GDP grew by 2.0% year-over-year in the third quarter of 2021.It climbed by 6.7 percent in the second quarter. GDP growth slowed in the third quarter. Consumer spending climbed at a considerably slower rate, with a decline in purchases of goods countering an increase in expenditure on services. Equipment investment, investment spending, exports, and central government expenditure all fell. In October, payroll employment increased, and the unemployment rate decreased once again. In September, core PCE inflation has remained at 3.6 percent for the year.
2) 
During a recession,

The Federal Reserve Bank releases a report after each FOMC meeting. The last press conference was held on November 3rd. Please watch the Fed Chair Powell's report on monetary policy and the economy...

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