Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933. - Ben Bernanke
Not 21st-century Fed, though. The most proactive central bank recently cut the federal reserve rate for the third consecutive time in 2019. In doing so, not only did it reverse its forward guidance course presented in late 2018, but it changed direction from hawkish to dovish.
Instead of more hikes, 2019 brought cuts - three of them. Moreover, the Fed