The Deep Cracks in the Fed’s Ever-Virginal Façade
Much recent coverage assumes that the Federal Reserve is a vestal virgin when it comes to presidential elections. In fact, history teaches us that the Fed is far from virginal even though it always slaps the hand of anyone trying to pet it in public. This peek-a-boo strategy works only as long as policy-makers and the public accept this spotless image. Increasingly, they don’t and not without cause. The 2024 election will thus test the credibility of Fed “independence” and threaten it as never before.