President Trump has frequently attacked the Federal Reserve, but if the markets believe that the Fed is immune to political pressure, these tweets should not affect expectations about future monetary policy. This column argues that this is not the case. Tick-by-tick fed funds futures data around the time of Trump tweets criticising the conduct of monetary policy suggest that market participants do not believe the Fed is fully independent.
Francesco Bianchi, Thilo Kind, Howard Kung, 25 January 2020
Related
-
Alex Bryson, John Forth, Minghai Zhou
Most Read
-
Danielsson
-
Funke, Schularick, Trebesch
-
Diao, Ellis, McMillan, Rodrik
-
Behrens, Kichko, Thisse
-
Pradelski, Oliu-Barton
-
Eichengreen, O'Rourke
-
Burgess, Sievertsen
-
Mitze, Kosfeld, Rode, Wälde
-
Heldring, Robinson
-
Eichengreen
Blogs&Reviews
-
Bouwens
-
Gaspar, Larraín Bascuñán
-
Evenett
-
Arezki, Rota-Graziosi
-
Gual
Vox eBooks
Don't Miss
Arezki, Djankov, Panizza
Bartsch, Bénassy-Quéré, Corsetti, Debrun
Scheuer
Events
-
10 - 10 March 2021 / Online /
-
11 - 11 March 2021 / Online /
-
12 - 12 March 2021 / Online /
-
15 March - 31 May 2021 / Online /
-
16 - 16 March 2021 / Online /
CEPR Policy Research
-
Gobillon, Solignac
-
Giglio, Maggiori, Stroebel, Weber
-
Summers, Fatás
-
Favero, Galasso
-
Butt, Churm, McMahon, Morotz, Schanz
-
Eichengreen, Avgouleas, Poiares Maduro, Panizza, Portes, Weder di Mauro, Wyplosz, Zettelmeyer
-
Baldwin, Beck, Bénassy-Quéré, Blanchard, Corsetti, De Grauwe, den Haan, Giavazzi, Gros, Kalemli-Ozcan, Micossi, Papaioannou, Pesenti, Pissarides , Tabellini, Weder di Mauro
-
Baldwin, Nakatomi
-
Thimann
-
Goodhart, Perotti