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The Bank of England nearly financed the deficit. Does it matter? Federal Reserve Covid recovery plan

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The Bank of England nearly financed the deficit. Does it matter? Federal Reserve Covid recovery plan

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Friday 22 January 2021 – Vol.12 Ed.3.5

Commentary: The Bank of England nearly financed the deficit. Does it matter?

By Chris Papadopoullos in London

When the UK government announced a rise in the amount it could borrow from the Ways and Means facility, a slew of articles on monetary financing followed. The question over monetary financing is interesting but largely irrelevant. The real question is whether fiscal sustainability will begin to encroach on an independent MPC that targets inflation. So far, the institutional framework has stood firm, but if it starts to give way, it may not be obvious.

Read the full commentary on the website.

Meeting: Federal Reserve Covid recovery plan

Friday 29 January, 15:00-16:00 GMT

Kartik Athreya, executive vice-president and director of research at the Federal Reserve Bank of Richmond, and Joseph Gruber, executive vice-president and director of research at the Federal Reserve Bank of Kansas City, join OMFIF’s Mark Sobel to give an overview of their and the wider Federal Reserve’s economic position and their strategy for recovery. They outline their own responses and how the country is navigating its Covid-19 recovery.

Request to attend the meeting.

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