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The Fed is now enabling politicians to act recklessly

Michael O'Sullivan
The Fed is now enabling politicians to act recklessly

As the dust settles on last week’s market-moving, dovish communications from the Federal Reserve and the European Central Bank, commentators continue to debate the Fed’s independence and the ECB’s wisdom. While the majority of central bankers have engaged in quantitative easing and super-low interest rates out of necessity rather than choice, this is a policy experiment that has arguably reached the limits of its usefulness.