“The phrase ‘perception is reality’ is overused generally. But perception can be reality in monetary policy. The bond market doesn’t act merely on what it sees. It acts on what it expects of the Fed or the government.”
– Amity Shlaes
The Through Line: Central banks play a key role in economies around the globe with their oversight and transmission of monetary policy. In carrying out those duties, it is critical for end users – businesses, investors and consumers – to believe that those functions are conducted from a stance of independent thought and freedom from political influence.
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