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Trillion Dollar Triage

How Jay Powell and the Fed Battled a President and a Pandemic—and Prevented Economic Disaster

"A sensational book.... It's a marvelous account of what took place."

         — Warren Buffett

The inside story, told with “insight, perspective, and stellar reporting,” of how an unassuming civil servant created trillions of dollars from thin air, combated a public health crisis, and prevented the American economy from facing a second Great Depression.

Drawing on extensive interviews, Nick Timiraos details the tense meetings, late night phone calls, and crucial video conferences behind the largest, swiftest U.S. economic policy response since the Second World War. Trillion Dollar Triage is the definitive, gripping history of a creative and unprecedented battle to shield the economy from the twin threats of a public health disaster and financial crisis.

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About the Author


Nick Timiraos is the chief economics correspondent for The Wall Street Journal, where he covers the Federal Reserve and U.S. economic policy. He joined the Journal in 2006 and previously wrote about the U.S. housing bust and the 2008 election. He is a graduate of Georgetown University and lives with his family in Washington, D.C.


“{A]n excellent book ... on Fed chairman Jay Powell's actions during the early stage of the pandemic.”

"The book’s strength lies in its detailed original reporting and the fast-paced narrative of the harrowing month that ... the coronavirus was taking off in 2020."

“This is a riveting story of policy making in crisis and an illuminating examination of how drastically the Fed’s role in the economy has changed.”

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