SBP editorial: New Central Bank chief must keep a firm hand on the tiller
Few people remember Bill Martin, the chair of the US Federal Reserve between 1951 and 1970 – through the presidencies of Harry Truman, Dwight Eisenhower, John F Kennedy, Lyndon Johnson and Richard Nixon. But they’ll no doubt know his famous old description of a central banker as “the chaperone who has ordered the punch bowl removed just when the party was really warming up”.
What he meant was that the job was to stimulate inflation, but only...
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