Every living former Federal Reserve chief on Monday attacked the Department of Justice’s probe into central bank head Jay Powell, accusing the Trump administration of running the US like an emerging market.
Ex-Fed chairs including Janet Yellen, Ben Bernanke and Alan Greenspan signed a statement blasting what they described as an “unprecedented attempt to use prosecutorial attacks to undermine [Fed] independence”.
“This is how monetary policy is made in emerging markets with weak institutions, with highly negative consequences for inflation and the functioning of their economies more broadly,” wrote the group, which included top economic officials from Republican and Democratic administrations.
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