Alexander Friedman: Fed's Risky New Global Mandate

The transcript discusses the Federal Reserve's dual mandate of full employment and price stability, referencing Oscar Wilde's quote on tragedies. It highlights the Fed's challenge in balancing domestic goals with global economic impacts, questioning whether the Fed should act as a central banker to the world. The discussion points out the Fed's hesitation to raise rates due to global volatility, raising questions about its independence and mandate.

What is the significance of the Fed looking at the rest of the world?

What argument is made regarding the independence of the Federal Reserve?