How soon should the Fed pull back historic support for the economy in the wake of a devastating pandemic? It's a major challenge in hugely uncertain times. But the Fed has changed a lot in recent decades, helping it prepare for this moment, according to Gary Richardson, an economics professor at University of California, Irvine who previously was the Federal Reserve System historian. "The Fed has intentionally created tools that allow it to deal with these unprecedented situations," he told me.

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