Can a Fed House Divided Stand?
Americans tend to think of the Federal Reserve as having a single pilot.
The Fed chairman speaks, markets convulse, and interest rates move. It feels like a tidy hierarchy: one office, one steering wheel.
The statute books tell a messier story, one that normally stays hidden because the institution prefers consensus. But a confirmation standoff now brewing in Washington could expose a structural seam Congress built into the Fed nearly a century ago.
At the center is a simple, under-appreciated fact: the office everyone assumes controls the traditional lever of monetary policy is not the office Congress actually…
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