"YOU are not here to tell me what to do.You are here to tell me why I have done what I have already decided to do,"Montagu Norman,the Bank of England's longest-serving governor(1920-44),is reputed to have once told his economic adviser.Today,thankfully,central banks aim to be more transparent in their decision making,as well as more rational.But achieving either of these things is not always easy.With the most laudable of intentions,the Federal Reserve,America's central bank,may be about to take a step that could backfire.
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