The Threat on the Fed’s Independence

LAST week saw a roller coaster of price movements in the global financial markets. On Monday, August 5, stock prices worldwide suddenly plummeted following a sharp decline the previous weekend. Memories of Black Monday, when global financial markets crashed on October 19, 1987, resurfaced. Fortunately, those fears of a global market rout did not materialize. In the following days, markets rebounded, buoyed by positive news primarily from the

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