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Powell: Panel on "Central Bank Independence and the Mandate—Evolving Views"
I will address three main points. First, the Federal Reserve's monetary policy independence is an important and broadly supported institutional arrangement that has served the American public well. Second, the Fed must continuously earn that independence by using our tools to achieve our assigned goals of maximum employment and price stability, and by providing transparency to facilitate understanding and effective oversight by the public and their elected representatives in Congress. Third, we should "stick to our knitting" and not wander off to pursue perceived social benefits that are not tightly linked to our ... (full story)
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Fed’s Powell:
— *seven (@sevenloI) January 10, 2023
- Restoring Price Stability When Inflation Is High Can Require Measures Not Popular in Short Term
- Fed Should ‘Not Wander off to Pursue Perceived Social Benefits’ Not Tightly Linked to Mandate
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Fed’s Powell:
— *seven (@sevenloI) January 10, 2023
- Fed Must Resist Temptation to Broaden Its Scope to Address Other Important Social Issues
- Taking On Such Goals Would Undermine Our Independence
- We Are Not and Will Not Be a ‘Climate Policymaker’
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Fed’s Powell:
— *seven (@sevenloI) January 10, 2023
- Fed Has Narrow Responsibilities Regarding Climate-Related Financial Risks
- Without Congressional Laws, Inappropriate for Us to Use Our Monetary or Supervisory Tools to Promote a Greener Economy
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