Two blocks from the Federal Reserve, a growing encampment of the homeless grips the economy’s most powerful person

The Washington Post (04/18/2021)
  • During public interviews, US Fed Chair Jerome Powell increasingly mentions the growing homeless encampments nearby the Federal Reserve office building.
  • Despite the Fed injecting trillions into the US financial system since Covid, Powell points out the encampments as a disturbing example of how monetary stimulus hasn’t helped many poor.
  • The Fed’s actions have mainly helped the wealthy by sparking asset inflation (eg higher stock, real-estate prices), bypassing the asset-less poor.
  • Article interviews tent camp residents, many of whom were working-poor (not homeless) pre-Covid.