Federal Reserve Strategy Too Focused on Short-Term Data

The transcript discusses a speech by Meltzer at the Chicago Fed, highlighting the Fed's focus on short-term data and lack of long-term strategy. It contrasts short-term and long-term ISM, with opinions on Meltzer's views. The discussion also covers the Fed's expanded role in asset management and regulation, moving beyond its original monetary policy focus.

In what ways has the Fed's role changed from its original purpose?

What implications does the Fed's involvement in asset management have on its traditional functions?