The Last Thing the Fed Needs is a Focus on Climate

The Fed is entering a politically perilous phase where its monetary policy will make nobody happy. It can't afford to freelance on other political issues.

Dear readers,

This week, West Virginia Senator Joe Manchin sank Sarah Bloom Raskin’s nomination to be the Federal Reserve’s top bank regulator, its Vice Chair for Supervision. Manchin said Raskin “failed to satisfactorily address my concerns about the critical importance of financing an all-of-the-above energy policy to meet our nation’s critical energy …