By Evan A. Schnidman, William D. MacMillan

Central banks have a profound impression on monetary markets, yet traders fight to maintain knowledgeable approximately their advanced coverage judgements. This ebook explains how evolving Fed transparency has resulted in a brand new new release of "Fed Watching" ideas that may offer traders perception into principal banks around the world.

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Extra resources for How the Fed Moves Markets: Central Bank Analysis for the Modern Era

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As researchers and Fed veterans can attest, Volcker was a man particularly suited to his position. Former Fed alumnus Stephen Axilrod describes Volcker’s abilities: He was the essential man for a combination of reasons. He combined great sensitivity to shifting trends in political economy (he could see what the country would now accept) with a willingness to take dramatic action. Moreover, he was technically very competent in the nuts and bolts of monetary policy, which made it easier for the FOMC and the chairman himself to feel confident that the new approach, although not risk free, had a reasonably good chance of working.

In other words, Truman’s traitor was not the turncoat he was made out to be. * * * Deserved or not, Truman’s growing animosity toward Martin reflected the attitude virtually the entire Democratic Party, aside from Senator Douglas, had toward the Fed—an attitude not shared by the Republican Party. As the 1952 elections approached, the Republican Party platform formally backed Fed independence. They wanted a “Federal Reserve System [ . . ] without pressure for political purposes from the Treasury or the White House” (Wilson 1992).

The Fed had faced Congressional oversight in the 1970s when its power and efficacy reached opposite ends of the spectrum— oversight manifested in reform and greater demands for transparency. As the years had passed, and the Fed’s power, independence, and opacity only increased, so did the need for the central bank to create some method of maintaining this progress while appeasing skeptics ready to curtail their growing prowess. What the Fed needed was a bargaining chip. What the Fed needed was transparency—on their terms.

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