5min chapter

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What are the Politics of a Fed Pivot? | Nick Timiraos

Hidden Forces

CHAPTER

Is It Witchcraft to Set Interest Rates?

The expectations around what the Federal Reserve is able to do and how it's able to find this model are so at odds with what we see in practice. Do you ever have Fed members tell you that they question the prudence of having a Federal Reserve setting interest rates? You wouldn't become a central banker if you thought the central bank was completely incapable of achieving its goals, he says.

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