Fed's Mester Sees Second Phase of Monetary Policy to Support 'Slow' Recovery

The transcript discusses the actions taken to stabilize financial markets during a crisis, emphasizing the importance of credit flow to households and businesses. It outlines the transition from market stabilization to supporting economic recovery, highlighting the challenges posed by the ongoing health crisis. The Federal Reserve's role in using monetary policy tools, such as interest rates and asset purchases, to achieve full employment and price stability is also discussed.

What are the expected challenges in the recovery process as mentioned in the text?

What role does monetary policy play in supporting the economy according to the speaker?