The Fed’s Third Mandate And The Destruction Of Honest Finance, Part 1

California Rep. Edward Royce had the temerity yesterday to ask Janet Yellen whether the Fed was propping up stock prices. Imagine that! In fact, he hit the nail on the head when he characterized the Fed’s unrelenting intrusion in financial markets and constant dithering on rate normalization as a “third pillar”, and one found nowhere in its statutory authorities: ROYCE: […]
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