James Bullard, the president of the St Louis Federal Reserve, has warned that public outrage over the extent of bank bailouts, notably Bear Stearns (and the rescue of insurer AIG) and the substantial ongoing purchases of US government debt could provoke a backlash against the Fed and possibly impact on its independence.
"We've got very large fiscal deficits. We've got the appearance...that the Fed is monetising the deficit, pushing up yields. Anything that is going to erode the independence of t
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