Despite the massive tax cuts of 2001 and the increase in military and security spending, the US experienced a prolonged jobless recovery. That compelled the Fed to keep interest rates at historic lows for an extended period, and rates were raised only gradually because of fears about the recovery’s fragility.
由于房地产泡沫带来的资产膨胀的核心作用尤其明显，而房地产泡沫又突出了货币政策的作用。尽管2001年大规模减税以及增加军费和国土安全开支，美国经历了长久的低就业复苏。这就迫使美联储把利率在相当长的一段时间内维持在历史上最低水平，而由于担心复苏脆弱，利率只是逐步提高。