The Fed's Independence

The Fed is in charge of inflation. The whole reason people talk about or maybe fetishize Fed independence is because you want the Fed to be able to do what they need to do. Don Cohen, who was a life fed life or ended his services vice chair to Ben Bernanke made a different point to me recently. And he said it's because people don't want to be remembered as sort of the second coming of Arthur Burns now there are other people who are worried that if you raise interest rates too high then we'll get another recession like 2008.

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