During the 2007-08 financial crisis and the current COVID-19 pandemic, the Federal Reserve had to take aggressive steps to protect the U.S. financial system. A recent Regional Economist article looked at how actions taken in the aftermath of the financial crisis shaped the U.S. financial system in the years leading to the pandemic. Research Officer and Economist Fernando M. Martin examined shifts in assets held by key sectors in the U.S. economy from 2007 to 2019 and found that in some ways little changed. “In the years following the financial crisis, liquidity was abundant and interest rates remained low; the ... (full story)