Many economists said in the past that large public deficits and debt would bog down the economy, by pushing up borrowing costs for businesses and sending consumer prices soaring. Now, the Federal Reserve has made clear that low interest rates, which have been slashed to near zero, are here to stay, making it cheaper for the United States to borrow money. Inflation, which struggled to get out of the gate during an 11-year expansion, seems confined to the woodshed.

Source: New York Times May 16, 2020 16:30 UTC