Jerome Powell and So-Called ‘Fed Independence’

Jerome Powell is finished as Federal Reserve Board chairman, but he has time left in his term, so he is sticking around. He would be only the third chair in history to stay, and he says, “My concern is legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors.”
Cry me a river. So-called “Fed independence” has morphed from an arcane academic argument into dinner-table talking points. Apparently, the Fed wants to be left alone to do whatever it wants. Unfortunately, in the past 18 years, Fed policy has had more impact on the political…
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