, Columnist
Deciphering the Fed's Reaction to Trump
If the central bank tries to blunt the effects of stimulus spending, it doesn’t mean the components of the stimulus are a mistake.
Reading the tea leaves.
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Nobody is really sure what Donald Trump will want from the Federal Reserve during his presidency: Will he try to make it adopt the “hard money” views of many people in his party, or will he want it to err on the side of letting the economy run hot?
Since we might not know the answer for some time, the monetary-policy discussion has turned to the question of how the Fed should react to Trump.