It’s Official: Money Printer Go Brrr

Last night on 60 Minutes, Federal Reserve Chair Jerome Powell was asked whether it’s fair to characterize the central bank’s coronavirus responses as having “simply flooded the system with money.” Powell replied: “Yes. We did. That’s another way to think about it. We did.”

Then the money printer really did go brrr:

Pelley: Where does it come from? Do you just print it?

Powell: We print it digitally. So as a central bank, we have the ability to create money digitally. And we do that by buying Treasury Bills or bonds for other government guaranteed securities. And that actually increases