The Federal Reserve attracts scorn like no other central bank on the planet.
There’s much to lament in EU politicians’ calls to buy their debt in massive quantities. But none of them have done a Rick Perry and threatened physical violence on Mario Draghi. And it’s difficult to image that a book calling time on the Bank of England would make the bestsellers’ lists, despite the Bank’s recent slump in popularity.
And so, following the publication of yet another Bloomberg article lambasting the Fed for its secrecy (this time over the dollar swap lines with foreign central banks), it is understandable that the central bank has attempted to placate some of its more vitriolic critics by mentioning that the lines make a profit.
But it’s a strategy that could easily backfire. Read more >>