Fed independence key to dollar strength – FOMC member
Cleveland Fed chief says geopolitics and high US debt among factors that could ‘unseat’ greenback
A member of the Federal Reserve’s rate-setting committee has said the erosion of the central bank’s independence would undermine the dollar’s status as a safe haven asset.
In a speech in New York on March 6, Beth Hammack, the president of the Federal Reserve Bank of Cleveland and a current member of the Federal Open Market Committee, said the greenback’s pre-eminence in global finance was a consequence of a range of factors including the US’s robust legal system and Fed independence.
“Through its
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