We’re seeing much the same approach to monetary policy around the world. The Reserve Bank of New Zealand (RBNZ), which has been threatening to go “full Switzerland” and start intervening in the FX market along with negative rates, briefed reporters on their possible additional policy measures. They made it clear that they’re preparing to do more. “We have a least regrets approach to thinking how much stimulus to deliver,” RBNZ Chief Economist Yuong Ha said. “We’d rather do too much too soon than too little too late.”

We heard the same line Tuesday from Fed Chair Powell. “At this early stage, I would argue that the risks of policy intervention are still asymmetric. Too little support would lead to a weak recovery…By contrast, the risks of overdoing it seem, for now, to be smaller.”

That statement can help us to understand one of the key lines in the minutes from the September meeting of the Federal Open Market Committee (FOMC), the US central bank’s rate-setting policy board. The minutes said, “many participants noted that their economic outlook assumed additional fiscal support and that if future fiscal support was significantly smaller or arrived significantly later than they expected, the pace of the recovery could be slower than anticipated.

The phrase “significantly later than expected” is important, as it indicates the Fed views stimulus now as qualitatively different than stimulus in three months, when former VP Joe Biden will (we assume) be president. “The pace of economic improvement has moderated since the outsize gains of May and June,” Powell noted. “…a prolonged slowing in the pace of improvement over time could trigger typical recessionary dynamics, as weakness feeds on weakness.” Weak demand triggers bankruptcies and job losses, which causes demand to weaken

Many traditions have been lost to the coronavirus pandemic this year, but my hope throughout the summer has been that Halloween might be spared.

   Since 2016 at my house, instead of “Trick or treat?” the question has been “Cash or Candy?”

   It’s become a fun, fabulous and favorite personal tradition, where I help neighborhood kids learn about money, decision-making and more. I have written about my efforts in the hope that more people will find their own way to participate, giving children food for thought rather than candy.

   So when the Center for Disease Control issued guidelines for safely celebrating Halloween and suggested that door-to-door trick-or-treating would be high risk, it was clear I had to change my plans but that changing traditions also creates opportunity.

   So this year, again, I’m encouraging you to try something like my system, which can be tweaked to meet CDC guidelines if your community decides to allow trick-or-treating.

The CDC suggests that a key way to dramatically reduce trick-or-treating risk is to allow kids to pick up individual gift bags — given at the end of the driveway or yard rather than the front door — while preserving social distance.

   Cash-or-candy was built for this.

   Certain rules have applied to Halloween for years at my house. Visiting me in costume “earns” three pieces of fun-sized candy, worth roughly 12.5 cents each.

   I can do that with individual gift bags, a CDC recommendation, spreading them on a table for safe access.

   Children from the third grade and up have the choice to forego candy for something else, always presented in a small envelope.

   The envelopes — and a CDC spokesperson confirmed this — are just like gift bags, meaning they work (again, spread out so that kids don’t reach into a bowl, but instead take