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Asset Management

In defense of Jerome Powell’s courageous Fed

The Federal Reserve should be congratulated - normalising interest rates should help to break the US economy's 20-year dependence on asset bubbles

Chair of the US Federal Reserve Jerome Powell
Chair of the US Federal Reserve Jerome Powell Photo: Getty Images

I have not been a fan of the policies of the US Federal Reserve for many years. Despite great personal fondness for my first employer, and appreciation of all that working there gave me in terms of professional training and intellectual stimulation, the Fed had lost its way.

From bubble to bubble, from crisis to crisis, there were increasingly compelling reasons to question the Fed’s stewardship of the US economy.

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