Powell Doesn’t Get High – WSJ

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Federal Reserve Chairman Jerome Powell may have uttered the most unlikely words in the history of central banking Wednesday when he responded to a question at a press conference by saying “our mandate has nothing to do with marijuana.” We can think of times when the Federal Open Market Committee has behaved as if its members were smoking something, but we think it’s safe to say that interest rates aren’t high now.

The FOMC stayed on its very gradual pace of raising its target fed funds rate a quarter-point at a time—to a range…



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