We at the Fed need to keep our foot on the gas until we’re really sure that we’re through this, and that’s our intention,” Federal Reserve chairman Jerome Powell told Congress last week, alluding to the US central bank’s efforts to address the economic impact of the Covid-19 pandemic. No one should be under any misconception as to what this means. The Federal Reserve will be guided solely by US domestic considerations. If that results in material US dollar depreciation which upsets other countries, so be it. Foreign sensitivities do not affect Fed policymaking. Guo Shuqing, chairman of the China Banking and Insurance ... (full story)