Minneapolis Fed President Neel Kashkari wants us to believe that the Fed is not a political entity.
Kashkari is either ignoring reality or simply providing cover for the single most political Fed in history. This is not a Left vs. Right issue, this is an establishment vs. legitimate reform issue.
Consider 2012. Supposed “Republican” Ben Bernanke launched QE 3 as a clear gift to the Obama administration’s re-election bid. The data didn’t warrant another QE program in any way. Moreover, the Fed was already engaged in Operation Twist at the time.
Unemployment had declined steadily since the 2009 recession ended.