How the Fed Opened Pandora’s Box

New York Times: “Its actions could set a precedent for the next economic crisis, one in which Fed officials — insulated from voters by design — are left making sweeping decisions that shape which businesses, governments and economic sectors thrive and which ones struggle.”

“Central bankers tried to avoid picking winners and losers in 2020, at times resisting partisan pressure to do so, but that often owed to the personalities in charge rather than to strict legal limitations.”