Fed To Treasury Dealers & Congress: We Can’t Count On You, We’re Taking Charge

Zero Hedge: There are two standard-issue narratives about the Federal Reserve’s agenda: the Fed’s official narrative is that the Fed’s mandate is to keep inflation under control while promoting full employment. The unofficial mandate that’s obvious to all is to prop up assets, especially the stock market, which has become the Fed’s preferred signifier of prosperity and the rightness/goodness of Fed policies. The other narrative results from “following the money”: the Fed is owned by private-sector banks, and so

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