From WSJopinion: If politicized monetary policy doesn’t prove transitory, it is doubtful the Fed will be able to deliver either stable prices or maximum employment, writes RepHensarling
Journal Editorial Report: Biden spent like a drunken sailor. Now Americans are paying in higher prices. Images: AFP via Getty Images Composite: Mark Kellyreconfirmation hearing
last week, there was an understandable focus on inflation. Led by Republican Sen. Pat Toomey, several senators expressed concerns that politicization of the Fed is hampering its effectiveness in dealing with inflation and could lead to an erosion of monetary-policy independence. If such concerns are left unaddressed, the American economy will suffer.
Congress should resist the temptation to use the Fed to advance social policy or fund its favorite programs off-budget. In turn, the Fed should halt its mission creep into fiscal policy and stay out of unrelated partisan congressional debate.
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