The Trump Administration is on the way out. The Biden Administration is on the way in. And amid the transition, the largest wave yet of the coronavirus pandemic is resulting in new restrictions in the United States and around the world. It’s a pivotal moment for the U.S. and global economies, and the U.S. Federal Reserve holds a key position of influence. University of Virginia Darden School of Business Professor Frank Warnock, a former Fed economist and current research adviser with the Fed, discusses the tools available and possible next steps for the Fed with the Batten Institute’s Sean Carr.