as the global financial behemoth seen to be suspiciously close to governments, and a handful of Bay Street firms, which raises questions about conflict of interest, justified or otherwise.
The Fed learned the hard way about what happens when public institutions become too aloof and it’s been working hard to earn the public’s trust. As President Donald Trump harassed Jerome Powell, the Fed chairman, repeatedly on Twitter last year, the U.S. central bank hosted atour that included events hosted by each of the 12 regional banks and the Fed board of governors in Washington.
“One clear takeaway from these events was the importance of sustaining a strong job market, particularly for people from low- and moderate-income communities,” Powell said in a message included in the final report on the events, which was published in June. “Everyone deserves the opportunity to participate fully in our society and in our economy.”
That’s not the sort of message that we’ve been conditioned to expect from the technocrats that control monetary policy. Don’t be surprised if Macklem and other Bank of Canada officials strike a similar tone. Given the polarized state of politics, central banks’ independence will depend on building a layer of trust that can withstand partisan attack. As primary actors in a troubled economy, they no longer are above the fray.
Source: Financial Digest (financialdigest.net)
They are going to float the idea of negative interest rates. They just want to make it look like it is what the people want.
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