The writer is vice-president and chair of international economics at the Atlantic Council
The most difficult decisions facing the US Federal Reserve, and its new chair Kevin Warsh, in the months ahead won’t be where to set the federal funds rate. Instead, it will be finding a way to navigate the central bank’s unofficial mandate to protect global economic stability.
Since the 2008 financial crisis, the Fed has become the world’s lender of last resort, and it is a role the leadership of the US central bank has welcomed.
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