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New York Sun: Why the Fed needs Judy Shelton

Section: Daily Dispatches

From The New York Sun
Friday, August 28, 2020

The first thing that strikes us about the Federal Reserve's new "Statement on Longer-Run Goals and Monetary Policy Strategy" is that the vote to approve it in the Open Market Committee was unanimous.

The country may be down with its worst dose of divisiveness since practically the Civil War, and on almost every issue imaginable. Yet on the contentious issue of monetary strategy, the Fed turns out to be unanimous.

... Dispatch continues below ...


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Which put us in mind of the Great Sanhedrin. That was the body of 71 sages of Jewish law. It sat at Jerusalem in the time of the Temple. It is recorded that the Great Sanhedrin refused to hand down a capital sentence if the rabbis were unanimous. Basically, it seems one thing the sages feared was the possibility that unanimity among the rabbis might indicate that the defense had been inadequate.

We have the same sense in respect of the Federal Open Market Committee's endorsement of the Fed's new monetary policy strategy. One feature of the new strategy, after all, is the Federal Reserve will go into less of an alert than under current policy if inflation gets above 2 percent. Is it ideal that this change in strategy was approved unanimously? Or is it possible that the idea of stable prices was inadequately defended? ...

... For the remainder of the commentary:

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