From:
Financial Times reporters Claire Jones, Sam Fleming, and Myles McCormick quoted Columbia Business School leaders Glenn Hubbard and Frederic Mishkin in an article examining legal and political pressures on the Federal Reserve. Hubbard discussed Chair Jerome Powell’s efforts to defend the Fed’s independence while emphasizing adherence to the rule of law. Mishkin warned that a Supreme Court ruling allowing a president to dismiss the entire Fed board could significantly increase politicization of monetary policy, undermining credibility and market confidence. Together, their comments underscore the risks to effective central banking when institutional safeguards are weakened.
