The Fed has outsourced monetary policy and lost control of the economy, former White House advisor says
The Federal Reserve has shifted some of the task of slowing the economy to the banking sector, former White House economic advisor Gary Cohn said on Thursday.
Now the Fed and US banks are essentially slowing the economy because lenders no longer have excess deposits that they can recirculate to borrowers, he added. As businesses are unable to borrow the necessary cash to expand, hire, or become more efficient, he said that they become stuck in their current level of production.
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