JD Vance has endorsed former President Donald Trump’s call for the White House to have “a say” over the Federal Reserve’s interest rate policies — a view that runs counter to decades of economic research suggesting that politically independent central banks are essential to controlling inflation and maintaining confidence in the global financial...
FILE - Republican vice presidential nominee Sen. JD Vance, R-Ohio, speaks at a campaign event at Wollard International, Aug. 7, 2024, in Eau Claire, Wis.
“The independence of the Fed is something that not just economists, or investors, but citizens should place a high value on,” said Carl Tannenbaum, chief economist at Northern Trust, a wealth management firm., where the autocratic President Recep Tayyip Erdogan forced the nation’s central bank to cut rates in response to inflation, with “horrible results.
On Saturday, Vice President Kamala Harris said she couldn’t “disagree more strongly" with Trump's view. Tannenbaum warned of potentially serious consequences if the Trump-Vance proposal for the White House to have some role in Fed policymaking were to take effect
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