Fed Fiscal Policy Needs Correction but No One Turns the Wheel

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By Andrew Moran

Kevin Warsh, President Donald Trump’s nominee to lead the Federal Reserve, correctly identified the US central bank’s culpability in Washington’s deteriorating finances. By monetizing the debt through balance-sheet expansion and low pre-crisis interest rates, the Fed enabled politicians to pursue expansive fiscal policy. A hawkish stance may not put the genie back in the bottle, […]