Central bankers typically disappoint their political masters. Since the 1980s, most central banks around the world have in theory been ‘independent’, that is, free of direct, day-to-day control by politicians. Of course, the reality is far from that. Still, Federal Reserve chair Jay Powell annoyed Donald Trump last week when he increased interest rates for a third time this year, and for the eighth time since December 2015. Nobody was surprised by this move.
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