Amid unpredictable actors, Fed Chairman Jerome Powell must project calm and stability as he weighs three distinct risks requiring different and highly nuanced judgments, writes greg_ip
Alongside full employment and stable prices, the Federal Reserve has another, lesser known mandate: to be the adult in the economy. That’s especially true at times like now when events are whipsawed by unpredictable actors at home and abroad.
Thus Fed Chairman Jerome Powell’s job, both at the central bank’s meeting next week and thereafter, isn’t just deciding whether to cut interest rates but also ensuring the decision is seen as deliberate, sensible and apolitical. This is plenty hard already: Mr. Powell is still mastering...
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