Apr 3, 2021 - Economy

1. To infinity and beyond

Photo illustration of the Federal Reserve

Photo illustration: Annelise Capossela/Axios. Photo: Stefani Reynolds/Bloomberg via Getty Images

We're not in the throes of a "Greater Depression," and we're not facing a tsunami of bankruptcies. In fact, the stock market is hitting new record highs, while employment is rising fast. For all of these things, thank one institution above all others: the Federal Reserve.

Why it matters: The coronavirus crisis has made abundantly clear the awesome power of central banks in general and of the Fed in particular.

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