Foreign Central Banks: Powell Indictment Commentary Inappropriate
U.S. Federal Reserve Governor Stephen Miran criticized foreign central banks for their comments defending Fed Chair Jerome Powell. Speaking at an economic forum in Greece, he deemed these remarks as inappropriate and uncalled for.
Governor Miran’s Stance on Central Bank Involvement
During the forum, Miran responded to a letter from several European and other central bankers that supported Powell amid threats of a criminal indictment. He expressed his belief that central banks should refrain from interfering in matters outside their monetary policy mandates.
Key Points from Miran’s Comments
- Miran described the concerns for U.S. institutional resilience as exaggerated.
- He condemned the engagement of foreign central banks in issues beyond monetary policy.
- According to Miran, the strength of U.S. institutions is not in question.
Miran emphasized that the primary focus should be on the effectiveness of monetary policy rather than sensational narratives. He stated, “It’s a story of people writing things for clicks,” indicating his view that some commentary was driven by media sensationalism rather than factual concern.
The Importance of Central Bank Independence
The discussion underscores the significance of maintaining central bank independence. Miran’s remarks serve as a reminder that international observers should think carefully before commenting on another country’s monetary policies.
Overall, his statements suggest a strong belief in the autonomy and strength of U.S. financial institutions amidst external pressures.
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