National Lockdown Aspirations: A Bridge Too Far Even for the Fed

Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, speaks during an interview in New York City, March 29, 2019. (Shannon Stapleton/Reuters)
When Fed officials make policy pronouncements on non-financial matters on which they have no expertise or authority, everyone loses.

NRPLUS MEMBER ARTICLE I   am happy to engage in constructive dialogue over what “aggressive” or “experimental” monetary policies are and are not appropriate from the Federal Reserve in these unprecedented times. I am generally supportive of the arguments that inflation expectations are justifiably low as far as the eye can see, and that emergency conditions warrant accommodative policies around interest rates. I am certainly supportive of the idea that the central bank should be the “lender of last resort,” which history has informed me is actually why we have a central bank to begin with. Dried-up liquidity in March warranted some (not all)

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