What can you tell about the US economy based on this report (GDP, economic growth, unemployment, inflation)?

Goal
The purpose of this assignment is to understand the current monetary policy in the US.
Post
The Federal Reserve Bank releases a report after each FOMC meeting. The last press conference was held on June 16th. 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 10 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)
June 16, 2021 Chair Powell’s press conference on Monetary Policy (Note: You can also find this information on the Federal Reserve Bank website

June 16, 2021 Chair Powell’s press conference on Monetary Policy TRANSCRIPTS
(Links to an external site.)
June 16, 2021 Federal Reserve FOMC Statement
(Links to an external site.)
March 17, 2021 Decisions Regarding Monetary Policy Implementation
1) 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)
2) 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 has used its three monetary policy tools (required reserve ratio, discount rate and open market operations) during the Great Recession in 2008 to stimulate the economy (you can use the charts in the below links)
3) 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?
4) Respond to a classmate’s post.
Data
Required reserve ratio https://www.federalreserve.gov/monetarypolicy/reservereq.htm
(Links to an external site.)
Discount rates https://fred.stlouisfed.org/series/INTDSRUSM193N
Federal funds target rate (2004-2008) https://fred.stlouisfed.org/series/DFEDTAR
Federal funds target rate (2008-present) https://fred.stlouisfed.org/series/DFEDTARU
Federal funds effective rate https://fred.stlouisfed.org/series/FEDFUNDS
(Links to an external site.)
Open market operations and large scale asset purchase programs (Quantitative Easing) https://www.federalreserve.gov/monetarypolicy/bst_openmarketops.htm
The Federal Reserve Bank Total Assets (shows open market purchases including both US Treasuries and other securities) https://fred.stlouisfed.org/series/RESPPANWW
(Links to an external site.)
The Federal Reserve Bank US Treasury Securities Holdings (shows open market purchases) https://fred.stlouisfed.org/series/TREAST
Other Resources
You can also view Chair Powell’s Webinar on Covid-19 and the Economy
(Links to an external site.)
This Federal Reserve Bank Link
(Links to an external site.)
provides information about the Covid-19 response from the Fed.
After you post in the discussion forum, respond to a classmate’s post.
Replies to Peers
Before Sunday, 11:59 PM, please reply to at least one other student’s post. In your reply, please do one of the following:
Reflect on the ideas shared by your peer and provide a reply that offers helpful guidance or supportive feedback .
There is a disagreement among economists and policy makers regarding the current monetary policy. Research the critics of the expansionary monetary policy and discuss the pros and cons of these policies.

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