The ex-boss of the New York Fed is proposing that the central bank consider resisting Trump’s trade war. That weakens the Fed’s apolitical credentials, writes richardbeales1.
The U.S. central bank on Aug. 27 rejected a call from a former Federal Reserve policymaker to counter President Donald Trump's trade agenda by refusing to"play along" and denying the president the interest rate cuts he has demanded. “The Federal Reserve’s policy decisions are guided solely by its congressional mandate to maintain price stability and maximum employment,” a spokeswoman said.
Earlier the same day, in an opinion piece for Bloomberg News, former New York Fed President William Dudley called for the central bank to say that it will not"bail out" the administration for its"bad choices" on trade policy. Economists criticized Dudley's op-ed, warning that the Fed ought not to decide rate policy on the basis of politics, or to use it to help or hurt a presidential candidate – exactly what Trump, without evidence, has accused the Fed of doing under his predecessor, Barack Obama.
Trump has regularly tweeted critically about the Fed, its chairman, Jerome Powell, and its policy choices.
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