Preface For Simon Bowmaker Book On The Federal Reserve

The Federal Reserve is the most important central bank in the world, and has been since at least World War 2. My best guess is that it has rarely been regarded by the community of central bankers as the best in the world, in either monetary policy policy or financial stability, but that is partly related to its having been, in the main, a slow innovator, which is almost certainly a good thing given its global importance. When it has rushed reform —- moving ahead of other central banks —- it has not infrequently stumbled, recent examples being the so-called dot plots and the 2020 revisions to its monetary policy strategy, both causes for regret, as some of this book’s interviews make fairly clear.  READ MORE