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Main » 2016 » February » 26 » The Cold War with the Congress, the Fed can affect the US economy
16:52
The Cold War with the Congress, the Fed can affect the US economy
 
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head against the Federal Reserve Janet Yellen with Congress look rather stiffly, like its predecessor. This may adversely affect the ability of the central bank to withstand the next crisis.

 

 

 The key interest rate is likely to remain low for many years, and the central banks of the United States may require extraordinary measures in case of rejection of the country's economy towards recession. The Fed is independent. But her freedom on the protection of the US economy depends on the decision of the Congress that its actions are correct. Without this decision, the Central Bank's ability to find new tools may be limited.


During two days of testimony before Congress, Yellen was asked about adverse negative interest rates and payment of interest on excess bank reserves from skeptical lawmakers of both parties. But a clear answer to these questions is not sounded.

 

Yellen has tried to improve relations with Congress, when she took the post of Fed chairman two years ago.These efforts have not been successful in eliminating the post-crisis distrust Central Bank among lawmakers of both parties, who criticize the ultra-flexible monetary policy.


Fed spokesman David Skidmore declined to comment on the state of relations between the Central Bank and the Congress. Even former Fed insiders, such as Donald Kohn, who served as vice-chairman under the leadership of Bernanke indicate that the Fed needs to find ways to improve the dialogue with the Congress.

 

A source

 
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