Fed’s Quarles casts doubt on leaning against the wind

Randal Quarles
Randal Quarles
US Federal Reserve

Monetary policy should generally focus on price stability rather than “leaning against the wind” and seeking to reduce financial imbalances, Federal Reserve vice-chair Randal Quarles said on May 30.

However, speaking at a research conference in Washington, DC, Quarles acknowledged there might be some circumstances where leaning using monetary policy tools could be justified. The decision would depend on the estimated severity of a potential crisis and the availability of suitable macro

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