Editorial Board

Janet Yellen's Advice to Rand Paul

Janet Yellen is right: Auditing the Fed is a bad idea.

Is this not enough?

Photographer: Andrew Harrer/Bloomberg

Federal Reserve Chair Janet Yellen mostly succeeded in her attempt to be vague about Fed policy in her semiannual appearance before Congress on Tuesday. On one issue, however, she was unequivocal -- and correct: A congressional audit of the Fed's interest-rate decisions is a very bad idea

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