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Macro Musings with David Beckworth
George Selgin on Fed Master Accounts, Central Bank Independence, and the Fed’s Balance Sheet
May 27, 2024
George Selgin, Senior fellow at the Cato Institute, discusses recent Fed master account updates, Fed's balance sheet concerns, risks to central bank independence under a second Trump term, and other monetary policy issues.
57:47
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Quick takeaways
- Preserving Fed independence crucial to resist political pressure on inflation control.
- Trump's policy paradox threatens global monetary stability by weakening dollar and penalizing alternative currencies.
Deep dives
The Fed's Resistance to Political Pressure for Inflation Control
The proposal to diminish the Federal Reserve's independence by involving the president in FOMC decisions raises concerns about potential political pressure impacting inflation control. While the Fed's independence may have been eroded over time, preserving the existing level of independence is crucial to resist potential executive interference and maintain effective inflation control.
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