, Columnist
Republicans Are Shopping for a New Monetary Policy
Whatever the reasons for it, the movement away from a reflexive call for tighter money is a welcome development.
The Fed could use a different map.
Photographer: Joshua Roberts/Bloomberg
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When Federal Reserve Chair Jay Powell testified before Congress this week, what was most notable about the hearings was not anything he said but what Republican legislators asked him.
Just a few years ago, congressional Republicans were full of warnings about the dangers of monetary laxity. Interest rates were too low, they said, encouraging asset-price bubbles and threatening runaway inflation. Quantitative easing was a dangerous experiment, they said.