Politics at the Fed is the rule, not the exception

Dallas Morning News - "We do not discuss politics at our meetings, and we do not take politics into account in our decisions." So claimed Janet Yellen, chairwoman of the Federal Reserve, at a recent press conference.

If true, this is admirable. Given its ability to help or hinder the economy, it would be worrying if the central bank influenced, or was influenced by, the vagaries of politics. But political involvement has been the rule, not the exception, in the history of the Fed.

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Alexander William Salter is an assistant professor of economics at Texas Tech University and a research fellow at Texas Tech's Free Market Institute.