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from before the financial crisis began in september of 2007 to when the crisis was over at the end of 2009, the huge expansion in the fed's balance sheet and the monetary base did not result in a large increase in money supply because

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The Fed's balance sheet was about $870 billion prior to the crisis, or about 7% of GDP. This size largely reflected the quantity of currency in circulation, which at the time was its greatest liability.

What actions did the Federal Reserve take during the 2007 and 2008 financial crises?

The financial crisis that began in the summer of 2007 was aggressively responded to by the Federal Reserve, which implemented a number of programs to support financial institutions' liquidity and foster improved conditions in financial markets.

The Federal Open Market Committee (FOMC) accelerated its interest rate cuts in the fall of 2008, bringing the rate to its effective floor—a target range of 0 to 25 basis points—by the end of the year.

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