On the recordFebruary 22, 2021
We will do that. I will say, though, that monetary policy as a tool is famously a broad--it is a broadly effective tool.
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congress.govWe will do that. I will say, though, that monetary policy as a tool is famously a broad--it is a broadly effective tool.
Powell acknowledges the limitations of monetary policy in targeting specific groups.
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If we're going to do that successfully, we need to do it in a completely nonpolitical way, which means we don't take sides, we don't play one side against the other, we stay out of issues that are really not our bailiwick.
Part of that is due to the start-stop nature of the tariffs that have been introduced.
If we move too slowly, there may be unnecessary losses, painful losses in the employment market.
We do not take into account the fortunes of any political party or politician.