Members of the Occupy Wall Street movement stage a protest march near Wall Street in New York on October 12, 2011. The Federal Reserve’s quantitative easing programme, instituted after the 2008 financial crisis, increased income inequality. Photo: AFP Members of the Occupy Wall Street movement stage a protest march near Wall Street in New York on October 12, 2011. The Federal Reserve’s quantitative easing programme, instituted after the 2008 financial crisis, increased income inequality. Photo: AFP
Members of the Occupy Wall Street movement stage a protest march near Wall Street in New York on October 12, 2011. The Federal Reserve’s quantitative easing programme, instituted after the 2008 financial crisis, increased income inequality. Photo: AFP
Stephen Roach
Opinion

Opinion

The View by Stephen Roach

The Federal Reserve’s quantitative easing report card is mixed – except for the rich

Stephen Roach says as the 10th anniversary of the Federal Reserve’s quantitative easing programme approaches, five lessons can be learned from its successes and shortcomings

Stephen Roach
Stephen Roach

Updated: 10:31pm, 31 Jul, 2018

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Members of the Occupy Wall Street movement stage a protest march near Wall Street in New York on October 12, 2011. The Federal Reserve’s quantitative easing programme, instituted after the 2008 financial crisis, increased income inequality. Photo: AFP Members of the Occupy Wall Street movement stage a protest march near Wall Street in New York on October 12, 2011. The Federal Reserve’s quantitative easing programme, instituted after the 2008 financial crisis, increased income inequality. Photo: AFP
Members of the Occupy Wall Street movement stage a protest march near Wall Street in New York on October 12, 2011. The Federal Reserve’s quantitative easing programme, instituted after the 2008 financial crisis, increased income inequality. Photo: AFP
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Stephen Roach

Stephen Roach

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China.